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Speaker 1: Cable news is ripping us apart, dividing the nation, making

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Speaker 1: it impossible to function as a society and to know

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Speaker 1: what is true and what is false. The good news

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Speaker 1: is that they're failing and they know it. That is

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Speaker 1: why we're building something new. Be part of creating a new, better, healthier,

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Speaker 1: member today at breakingpoints dot com. Your hard earned money

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Speaker 1: is going to help us build for the midterms and

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Speaker 1: the upcoming presidential election so we can provide unparalleled coverage

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Speaker 1: of what is sure to be one of the most

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Speaker 1: pivotal moments in American history. So what are you waiting for?

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Speaker 1: Go to Breakingpoints dot com to help us out. Good morning, everybody,

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Speaker 1: have the Thursday. We have an amazing show for everybody today.

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Speaker 1: What do we have, Christal? Indeed we do. There is

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Speaker 1: a lot happening. Something crazy occurred, which is Democrats actually

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Speaker 1: decided they might do a few things. Took two years. Yeah,

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Speaker 1: it took two years. But we've got a potential mansion deal.

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Speaker 1: We've got Chips Act to boost semiconductor production here in

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Speaker 1: the US passing the Senate. We have the Biden administration

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Speaker 1: making some moves on the Strategic Petroleum Reserve, things that

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Speaker 1: we had actually been talking about on the show with

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Speaker 1: analysts and with Rocana, so very very interesting things to

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Speaker 1: break down there. We also have new indications that the

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Speaker 1: Department of Justice is actively investigating the President for any

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Speaker 1: crimes committed related to January sixth, so we will break

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Speaker 1: all of that down there, and the possibility that he

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Speaker 1: could be indicted is larger than it was in the past.

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Speaker 1: We've got Jordan Sheridan on the show. He's of course

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Speaker 1: great partner breaking points, and he has been on the

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Speaker 1: road talking to business owners and regular families about inflation

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Speaker 1: and its impact on their lives. So he's got some

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Speaker 1: great footage there. Samantha Bee's Late night Show is no more.

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Speaker 1: I know you guys are devastated. We're going to walk

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Speaker 1: through that. It's going to be okay, folks, I promise you,

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Speaker 1: we are going to get through this together. But first,

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Speaker 1: before we jump into our first story, our announcements. Two announcements. Okay,

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Speaker 1: you guys already know. I'm going to start with live show.

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Speaker 1: Let's put this up there on the screen. We're selling tickets,

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Speaker 1: We're going at a very fast rate and we're going

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Speaker 1: to sell out very soon, so please go ahead and

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Speaker 1: purchase your Ticket's going to be linked down there in

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Speaker 1: the description. Atlanta is first. As we said, if you

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Speaker 1: buy tickets to that one really helps us in the future.

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Speaker 1: But we are still also coming across the country. Second,

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Speaker 1: the promo of our monthly subscribers being able to upgrade

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Speaker 1: to yearly is ending on August first, so the link

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Speaker 1: is there in the description. As we said, it helps

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Speaker 1: for financial planning purposes. We've got some interesting things that

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Speaker 1: we're working on right now. And to all of those

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Speaker 1: who did upgrade to yearly, I want you to know

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Speaker 1: that it is solely because of you that we are

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Speaker 1: able to do some expansion investments that we're considering right now,

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Speaker 1: which is very very helpful. So thank you all, very

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Speaker 1: very much. But let's get to the show. Yes indeed, Okay, So,

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Speaker 1: big bombshell report from the Washington Post, Caroline and others

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Speaker 1: breaking this story. Let's go ahead and put this up

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Speaker 1: on the screen. This is the first time we have

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Speaker 1: officially learned that the Justice Department is investigating Trump's actions

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Speaker 1: in January sixth criminal probe. They say, people familiar with

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Speaker 1: the probes that investigators are examining the former president's conversations,

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Speaker 1: and this is also new, have seized phone records of

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Speaker 1: top aids. Let me read you a little bit of

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Speaker 1: this article. The Justice Department is investigating his actions. According

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Speaker 1: to four people familiar with the matter, they are questioning

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Speaker 1: witnesses before a grand jury, including two top aids to

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Speaker 1: Vice President Mike Pence. The sorts of questions that they're

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Speaker 1: asking those top aids also significant. They've been asked in

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Speaker 1: recent days about conversations with Trump with his lawyers and

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Speaker 1: others in his inner circle who sought to substitute Trump

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Speaker 1: allies for certified electors from States, Joe Biden one. According

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Speaker 1: to two people familiar with the matter, they have asked

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Speaker 1: hours of detailed questions about meetings Trump led in December

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Speaker 1: twenty twenty and January twenty twenty one. They've also asked

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Speaker 1: about his pressure campaign on Pence to overturn the election,

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Speaker 1: and what instructions Trump gave his lawyers and advisors about

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Speaker 1: fake electors and sending electors back to the States. Some

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Speaker 1: of the questions focused directly on the extent of Trump's

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Speaker 1: involvement in the fake elector effort led by his outside

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Speaker 1: lawyers including John Eastman and Rudy Giuliani. The things that

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Speaker 1: are new here is the degree of prosecutor's interest in

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Speaker 1: Trump's actions that had not previously been reported. They also

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Speaker 1: had not reported the review of senior Trump aids phone records,

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Speaker 1: including Mark Meadows, who was chief of staff and was

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Speaker 1: really the sort of hub at the center of all

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Speaker 1: of the insanity that they were trying to perpetrate on

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Speaker 1: the country during that time. So the fact that they

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Speaker 1: have Meadows phone records is a very new and significant development. Soccer. Yeah,

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Speaker 1: it is interesting. I'm reading this, and I mean the

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Speaker 1: real question is and people are always saying, oh, January sixth,

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Speaker 1: Actually this isn't actually focused on any Trump's actions really

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Speaker 1: on January sixth that day. They really are more focused

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Speaker 1: on the fake elector's plot in order to replace them

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Speaker 1: and to the extent that the president was involved. So

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Speaker 1: there are two possible options criminally, and this is very

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Speaker 1: suspect according to some people that I asked. Was first

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Speaker 1: a seditious conspiracy and conspiracy to obtruct obstruct a government proceedings.

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Speaker 1: So those are the charges that were filed against both

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Speaker 1: Stuart Rhodes and Enriquetario, the Proud Boys and the Oathkeepers.

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Speaker 1: The issue with that is, as we've spoken about, it

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Speaker 1: is so incredibly difficult to prove snditious conspiracy in a

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Speaker 1: court of law. It has not been convicted by the

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Speaker 1: Justice Department in decades in a US court. So even

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Speaker 1: and we went over in detail the indictments of both

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Speaker 1: the Oathkeeper's leader and the Proud Boys leader, and you know,

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Speaker 1: they have phone records there and text messages being exchanged

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Speaker 1: of Hey, we're going to you know, be the capital

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Speaker 1: and let's bring weapons and let's show up with tactical care.

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Speaker 1: I mean, they had elaborate plans there, and even those cases,

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Speaker 1: analysts say, are going to be very difficult to prove

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Speaker 1: the thing with seditious conspiracy, which is kind of the like,

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Speaker 1: you know, the big yes, the big get, you know,

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Speaker 1: in terms of the furthest reaching charge you could possibly

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Speaker 1: intent to overthrow the government using violence or force. So

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Speaker 1: you would have to have something super direct Trump plotting

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Speaker 1: with the Proud Boys to have some sort of armed

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Speaker 1: attack on the Capitol. And based on what's in the

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Speaker 1: public record now very unlikely that they have that they

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Speaker 1: meet that standard in terms of seditious conspiracy. The second

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Speaker 1: one is about fraud associated with a false elector scheme

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Speaker 1: or pressure that Trump and his allies put on the

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Speaker 1: Justice Department to falsely claim the election was rigged and

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Speaker 1: that votes were fraudulently cast. This also is, frankly, I think,

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Speaker 1: is another case of just like during Russia Gate, where

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Speaker 1: they definitely would have colluded if they could have. I think,

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Speaker 1: you know, if they could have easily done it. And

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Speaker 1: yet in this particular one, because so many DOJ officials

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Speaker 1: resigned and no actual fraud or whatever was actually done

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Speaker 1: by bail Bar or any of the Associate Attorney generals

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Speaker 1: who had resigned, that they might Again, this is from

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Speaker 1: what I've spoken to in a criminal having to actually

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Speaker 1: prove that they associated this. Having the intent to do

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Speaker 1: something is not in the same as actually doing something,

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Speaker 1: and so with that again it is relatively suspect. So anyway,

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Speaker 1: I'm just telling you what I have asked around the

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Speaker 1: criminal statute. Let me elaborate on this to you, because

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Speaker 1: I also did some digging on this. So the big

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Speaker 1: issue with the charge of defrauding the US government, I

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Speaker 1: think is the technical charge there is that this would

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Speaker 1: be a relatively novel application of this law, so it

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Speaker 1: hasn't been used in quite this way, and prosecutors get

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Speaker 1: very squeamish about using laws in ways they haven't really

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Speaker 1: been used before. And I think that goes doubly so

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Speaker 1: when you're talking about the United States, which president of

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Speaker 1: the United State, this would also easily go to the

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Speaker 1: Supreme Court if it was a novel use. Very that

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Speaker 1: is all very true for that as I think the

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Speaker 1: primary reason why they may be reluctant to go forward

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Speaker 1: with that charge of defrauding the US government more likely

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Speaker 1: if they were going to charge Trump, and I continue

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Speaker 1: to be skeptical that they will. You'll remember under the

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Speaker 1: Bush administration, I mean, George W. Bush committed crimes, could

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Speaker 1: very much have been indicted, and Pelosi and the rest

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Speaker 1: of the Democrats said it's time to move forward. So

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Speaker 1: I continue to be skeptical that Merret Garland actually has

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Speaker 1: the stones to indict the former president of the United States.

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Speaker 1: But the probably most likely charge would be obstructing an

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Speaker 1: official government proceeding. We've seen others who are involved in

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Speaker 1: January sixth charged with that. The bar with that is

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Speaker 1: still continues to be difficult, and frankly, based on what's

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Speaker 1: in the public record, I'm not sure that they meet

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Speaker 1: the standard here because you need intent. Now. There probably

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Speaker 1: is enough of you know, meetings where Trump is told

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Speaker 1: that you're you know, you lost and this is all

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Speaker 1: this is all foolish what you're doing. There's enough on

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Speaker 1: the record to establish sort of like corrupt intent in

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Speaker 1: terms of whether he committed an act, because that's the

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Speaker 1: other piece. It gets kind of dicey because on the

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Speaker 1: one hand, yeah, you have him sending out tweets, it's

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Speaker 1: going to be wild. You have him tweeting about Pence.

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Speaker 1: You have him giving a speech saying let's go to

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Speaker 1: the Capitol. But you can also argue that that is

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Speaker 1: political speech, protective political speech, and so these things become

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Speaker 1: very difficult to separate. Now, the Justice Department knows things

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Speaker 1: that we don't know, right, I mean, they've see Smark

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Speaker 1: Meadows phone records, they're talking to Mike Pence's aids. Those

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Speaker 1: aids also testified in front of the January sixth Committee,

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Speaker 1: So they may have something that more clearly establishes an

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Speaker 1: act than what we have in the public record. That

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Speaker 1: charge though, I mean you know, I'm just being honest

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Speaker 1: with you guys. It also is going to be difficult

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Speaker 1: to prove based on what we know thus far. The

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Speaker 1: last one that they could potentially look at, which if

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Speaker 1: they had the facts, might be actually more clear cut,

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Speaker 1: is witness tampering January sixth Committee. You know, Liz Cheney

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Speaker 1: in particular sort of put up these texts that were

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Speaker 1: being received by witnesses. It was kind of a tantalizing

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Speaker 1: bit of information. But again, you would need to prove

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Speaker 1: that this was coming directly from Trump with the intent

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Speaker 1: of either blocking them from testifying or getting them to

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Speaker 1: lie in their testimony. So again, what's on the public record.

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Speaker 1: We don't have that yet, but if they had access

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Speaker 1: to those facts, those would in some way be the

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Speaker 1: sort of most clear cut and most easily understood. Absolutely right,

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Speaker 1: And you know what we're doing here responsibly telling you

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Speaker 1: the details of this And I'm really starting to get

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Speaker 1: some moller vibes. I don't know you about you, Crystal,

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Speaker 1: Which is that so and so is investigating? It's okay, well,

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Speaker 1: people investigate a lot. And then it's like we just

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Speaker 1: broke down all the charges and we're like listen, you know,

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Speaker 1: I spoke with criminal attorneys, and you did research as well.

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Speaker 1: From what we can see, it is an extraordinarily high

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Speaker 1: bar of proof on your normal American citizen not to

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Speaker 1: mention the president of the United States. Now. Merret Garland

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Speaker 1: is also in a tough spot because the resistance liberals

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Speaker 1: have been banging at his door for two years now,

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Speaker 1: being like, what are you going to do? What are

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Speaker 1: you going to do? So's put this up there on

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Speaker 1: the screen. NBC News they scored an interview with him

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Speaker 1: where they said that the Justice Department probe is the

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Speaker 1: quote most wide ranging investigation in its history, and he

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Speaker 1: also made comments on this on whether he would specifically

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Speaker 1: look at President Trump ahead of the news breaking in

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Speaker 1: this interview with Lester Holt, Let's take a listen to that.

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Speaker 1: We intend to hold everyone, anyone who was criminally responsible

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Speaker 1: for events surrounding January sixth, for any attempt to interfere

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Speaker 1: with the lawful transfer of power from one administration to

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Speaker 1: another accountable. That's what we do. We don't pay any

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Speaker 1: attention to other issues with respect to that. So if

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Speaker 1: Donald Trump were to become a candidate for president again,

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Speaker 1: that would not change your schedule or how you move

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Speaker 1: forward or don't move forward, say again that we will

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Speaker 1: hold accountable anyone who was criminally possible for attempting to

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Speaker 1: interfere with the transfer legitimate, lawful transfer of power from

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Speaker 1: one administration to the next. You read of that what

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Speaker 1: you will? I mean once again, I'm with you, Bristol.

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Speaker 1: I just find it incredibly hard to believe for a

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Speaker 1: variety of reasons. Beyond number one, you don't want to

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Speaker 1: bring a case that you can't win. The only thing

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Speaker 1: more disastrous than charging a former president politically is charging

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Speaker 1: him in many wins. Can you imagine what that would

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Speaker 1: look like from a criminal point or from a political

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Speaker 1: point of view? And I think that's the way you

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Speaker 1: cannot take politics out of any of this, which is

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Speaker 1: that there is a reason why many presidents have not

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Speaker 1: been charged in the past, the desire to quote move

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Speaker 1: on and it all certainly would ratchet up political tensions here.

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Speaker 1: Nobody is generally going to be focused on the exact

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Speaker 1: specific facts of the case. It would look like a

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Speaker 1: political persecution and it could certainly put push things in

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Speaker 1: a very bad direction domestically. I'm not saying necessari Look,

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Speaker 1: if you're a Democrat, you're like, what do you mean

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Speaker 1: we're not going to equally apply the law. I mean, look,

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Speaker 1: we have an imperial presidency, like whenever they are president,

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Speaker 1: they generally can't be charged or tried with anything, and

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Speaker 1: they're only allowed to be convicted through the political process

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Speaker 1: of impeachment for a reason I don't I don't agree

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Speaker 1: with that. I do think, based on what's on the

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Speaker 1: public record now, it is you don't have a slam

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Speaker 1: dunk case on any of these charges. And I do

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Speaker 1: think if you're going to charge the former president, you

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Speaker 1: better have a pretty air type case. I do. If

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Speaker 1: they have that case, I one hundred percent think that

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Speaker 1: they should indict him. I don't think he should be

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Speaker 1: above the law. I think trying to I mean clearly

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Speaker 1: whether he technically meets any of these definitions, clearly the

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Speaker 1: spirit of what he was trying to do with steal

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Speaker 1: an election. Sure, And I have no issue with trying

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Speaker 1: to hold elites accountable in the same way that you know,

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Speaker 1: all the low level people who were showing up on

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Speaker 1: January sixth, they're certainly being charged and diet nobody has

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Speaker 1: any reluctance there. It is a little bit different too,

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Speaker 1: from past circumstances, and by the way, I thought they

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Speaker 1: should have indicted George W. Bush. So I did not

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Speaker 1: support the Democrats being like, eh, let's just move forward

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Speaker 1: and bygonesa up, bygones, because what happens is then that's

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Speaker 1: the that's set. If they get away with it, then

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Speaker 1: the next president is just going to do the same

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Speaker 1: damn thing, which is exactly the situation that we're facing.

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Speaker 1: But I do also think that this is a little

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Speaker 1: bit of a different circumstance because you have the you know,

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Speaker 1: active possibility of him being president again. So it's not

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Speaker 1: like you can just say, oh, bygones, we got by guns,

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Speaker 1: let's move forward. No, you have the active possibility of

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Speaker 1: this dude being back in the office. And so not

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Speaker 1: only is it setting a terrible precedent to let him

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Speaker 1: get away with it scott free, but you know, if

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Speaker 1: it's not him, if it's Disantus, if it's anybody else,

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Speaker 1: they're going to look at this and they're going to say, well,

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Speaker 1: he got away with it. Why shouldn't I say? That's

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Speaker 1: why I think if you do have the facts, and again,

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Speaker 1: we don't know what the Department of Justice knows. Fully,

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Speaker 1: we don't have access to Mark Meadows phone and text records.

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Speaker 1: If you have that very solid case, I absolutely think

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Speaker 1: that they should indict him. We just don't have those

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Speaker 1: facts on the record. And I was going to say,

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Speaker 1: that's the thing, is that it's all it comes down

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Speaker 1: to the facts. The reason why I'm just optical is that, look,

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Speaker 1: at this point, every goddamn thing on the planet has

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Speaker 1: leaked out of this. I mean every email that they've

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Speaker 1: sent within the White House, all the phone records at

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Speaker 1: this point. If the jan six Committee has subpoena power,

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Speaker 1: of which they have, and they've at this point, if

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Speaker 1: they had something within there that implicated Trump, I think

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Speaker 1: we would have heard about it many months ago. Given

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Speaker 1: the look, it's possible. But I also we all remember

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Speaker 1: this story during Muller and I really found this out.

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Speaker 1: Whenever I was kind of doing my reporting at the time,

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Speaker 1: was with Roger Stone. They would say, oh, so and

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Speaker 1: so's investigating this, and I'd call. I'd be like, hey, man,

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Speaker 1: like give me and he would give me his flight record,

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Speaker 1: is you know, emails, all this stuff. The public record

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Speaker 1: is generally there whenever there's such a high level of scrutiny.

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Speaker 1: So again it is technically possible that the Department of

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Speaker 1: Justice has something that you or I don't know about,

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Speaker 1: but at this point anything existed in written record, in

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Speaker 1: a recording, or something like that. I just generally am

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Speaker 1: inclined to think that to almost twenty months since the

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Speaker 1: date of all of this occurring, that it would be

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Speaker 1: it would be somewhere in the press, some inkling, some

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Speaker 1: reporting somewhere. Maybe maybe not. I mean, I really am

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Speaker 1: not going to hazard to guess on this one, because

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Speaker 1: I could see it going either way. I think you're

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Speaker 1: probably right. It's much more likely he's not indicted. The

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Speaker 1: way that in which it has Moller vibes to me

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Speaker 1: is what you're saying is these constant like the walls

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Speaker 1: are closing in, and how's he going to get out

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Speaker 1: of this jam and whatever, and then nothing happens. But

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Speaker 1: unlike with Russia Gate, there is much more they're there,

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Speaker 1: so in that way they're not equivalent. I mean, Russiagate,

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Speaker 1: a lot of the stories were just like complete fantasies,

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Speaker 1: or you know, the server payings and what if he's

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Speaker 1: a Russian agent since nineteen eighty seven and all this

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Speaker 1: stuff was just complete nonsense. Here there is actually some

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Speaker 1: there there. He genuinely wanted to overturn the election, whether

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Speaker 1: he went about it in like a competent or realistic

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Speaker 1: way of pulling that off or not. The events on

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Speaker 1: January sixth, we're genuinely bad, and he obviously was at

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Speaker 1: the heart of stoking that, instigating it, encouraging it once

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Speaker 1: they're there, like delighting in it, and really being very

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Speaker 1: hesitant to tell them to go home. So in that

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Speaker 1: way it's different. But in terms of the Democratic resistance

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Speaker 1: hopes getting up that you're gonna have this white night

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Speaker 1: and the silver bullet and this is going to be

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Speaker 1: the end, I do kind of agree with you that,

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Speaker 1: you know, I'm certainly not getting my hopes up there yet, absolutely,

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Speaker 1: especially after I saw all of Blue Check. You know,

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Speaker 1: Chris Hayes. Look, it's finally happening. I'm like, is it.

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Speaker 1: I'm like, hey, you guys got to have the rug

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Speaker 1: pulled on the we How many times do I have

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Speaker 1: to watch this thing? I'm gonna wait. I want to

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Speaker 1: see what happens before any of us they get too

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Speaker 1: far down the road here and set expectations by actually

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Speaker 1: going through charges and telling people like this, this, this

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Speaker 1: and this and here's the barrier of proof on all

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Speaker 1: four and as we are now right now, it could happen.

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Speaker 1: We'll see. So anyway, that's the story. Trump made his

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Speaker 1: return here to Washington, DC, spoke towards the American First,

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Speaker 1: America First policy Institute headed by some former Rick Perry staffers.

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Speaker 1: Very America First, indeed, but in the speech itself, it's

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Speaker 1: noteworthy in order to look at what he's talking about.

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Speaker 1: So this is kind of a follow up on the

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Speaker 1: interview that we did in our last show with Jonathan

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Speaker 1: Swan around the use of a schedule f known as

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Speaker 1: an executive order, which would reschedule federal bureaucrats and enable

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Speaker 1: Trump to fire them and replace them with personnel that

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Speaker 1: he chose. So he specifically actually mentioned that executive order,

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Speaker 1: personnel and more in his speech. Now before we play

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Speaker 1: the speech for the YouTube gods and copyright for content moderation. No,

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Speaker 1: we understand here on this show that these claims are false,

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Speaker 1: that Trump did win the election he claims it. However,

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Speaker 1: as a news organization, we are obliged in order to

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Speaker 1: put together an accurate representation of the former president's comments.

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Speaker 1: Who is likely to run for president, So within all

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Speaker 1: of that context of the facts. Before we even play

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Speaker 1: this video, let's take a listen to some highlights from

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Speaker 1: Trump's speech. I ran a second time, and I did

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Speaker 1: much better. We got millions and millions more vote. And

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Speaker 1: you know what, that's going to be your story for

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Speaker 1: a long time. What a disgrace it was. But we

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Speaker 1: may just have to do it again. We have to

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Speaker 1: straighten out our pat I have to straighten out our country.

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Speaker 1: We had it there, We actually did it twice. We

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Speaker 1: need to make it much easier to fire rogue bureaucrats

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Speaker 1: to a deliberately undermining democracy or at a minimum, just

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Speaker 1: want to keep their jobs. They want to hold on

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Speaker 1: to their jobs. Congress should pass historical reforms empowering the

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Speaker 1: president to ensure that any bureaucrat who is corrupt, incompetent,

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Speaker 1: or unnecessary for the job can be told, did you

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Speaker 1: ever hear this? You're fired? Get out, you're fired. Have

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Speaker 1: to do it. So you can see he's making a

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Speaker 1: reference there. And the reason we played that one at

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Speaker 1: the top is because he clearly alludes to wanting to

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Speaker 1: run again, and then also talking about personnel matter. So

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Speaker 1: this is all again in that context of replacing and

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Speaker 1: firing the federal bureaucracy. It's funny. You and I were

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Speaker 1: talking after the interview where Jonathan Swan was like, he

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Speaker 1: could easily fire much of the intelligence community, and we're like, oh, well,

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Speaker 1: I mean, what a terrible tragedy. Yeah, well, a true

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Speaker 1: heartbreaking agents might lose. I can't imagine what a you know,

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Speaker 1: what an insurrection that would be. So it's interesting, and

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Speaker 1: I think that the reason it's interesting is that all

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Speaker 1: of this comes in the context of who he's even

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Speaker 1: speaking to, which is that, Look, the America First Policy Institute,

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Speaker 1: that's where Larry Cudlow works as Oh my god, yeah,

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Speaker 1: of course he's on the board. I did a whole

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Speaker 1: thing on One of my last things at Rising was

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Speaker 1: an whole expose of what this organization is. They've raised,

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Speaker 1: you know, tens of millions of dollars. They're an organization

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Speaker 1: basically Trump's cabinet and others in waiting. And let's be honest,

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Speaker 1: many of these people would have been comfortable in the

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Speaker 1: George W. Bush administration and a Mit Romney administration, and

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Speaker 1: they did work for Donald Trump. So the fact that

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Speaker 1: he's making his first return speech to Washington in front

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Speaker 1: of those people. Means that he's very likely, as Swan alluded,

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Speaker 1: to hire people again who do not agree with him whatsoever,

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Speaker 1: to the extent that he even cares about policy at all.

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Speaker 1: And I think that that is the real interesting part

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Speaker 1: of this, which is that to the extent that their

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Speaker 1: personnel director, John mcintee does have some sort of worldview.

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Speaker 1: I mean, we saw the quote unquote trumpets in the

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Speaker 1: White House get rolled over and over again. I mean

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Speaker 1: I literally watched this all play out. Jared Kushner, last

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Speaker 1: time I checked, is still alive and is probably going

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Speaker 1: to still work for Trump. I mean, that guy has

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Speaker 1: a worldview completely diametrically opposed to many of the top aids,

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Speaker 1: and the AIDS would say, yeah, Trump is with us

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Speaker 1: in spirit. Look, I mean we have four years of

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Speaker 1: evidence he never once crossed Jared right one time. So

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Speaker 1: where do you possibly think that, why why is this

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Speaker 1: time different? It does remind me, you know of it

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Speaker 1: seemed like the entire time of his presidency you constantly

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Speaker 1: get these stories of like, oh, this time they've got

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Speaker 1: it together and there's this you know, this elaborate plan

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Speaker 1: and they're going to be able to execute it. I mean,

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Speaker 1: they were never able to competently execute a single thing

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Speaker 1: on their own. The only thing, the biggest thing that

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Speaker 1: they got past was Paul Ryan's tax cut because that

429
00:21:49,119 --> 00:21:51,879
Speaker 1: was all locked and loaded. Heritage Foundation and all of

430
00:21:51,920 --> 00:21:54,320
Speaker 1: those people had crafted exactly what they had nothing to

431
00:21:54,359 --> 00:21:57,399
Speaker 1: do with like Trump or any of Trump's aids. So

432
00:21:57,640 --> 00:21:59,960
Speaker 1: color me skeptical that they're going to be able to

433
00:22:00,600 --> 00:22:05,280
Speaker 1: effectively execute this wide ranging plan or that you know,

434
00:22:05,480 --> 00:22:08,159
Speaker 1: they really have a policy agenda to speak of. At

435
00:22:08,200 --> 00:22:10,600
Speaker 1: this point, the things that Trump used to talk about

436
00:22:10,680 --> 00:22:13,680
Speaker 1: back in twenty sixteen you barely hear anymore. Now he

437
00:22:13,800 --> 00:22:15,879
Speaker 1: leans into just like the nonsense that he was staying

438
00:22:16,040 --> 00:22:18,800
Speaker 1: staying there about the election being soone. The only thing

439
00:22:19,040 --> 00:22:21,960
Speaker 1: that constitute trump Ism at this point is like personal

440
00:22:22,040 --> 00:22:25,159
Speaker 1: loyalty to him, subservience to him, and buying into the

441
00:22:25,200 --> 00:22:28,840
Speaker 1: craziest notions on stop this deal. So I can't see

442
00:22:28,880 --> 00:22:31,320
Speaker 1: that they're going to be like hardcore vetting people for

443
00:22:31,880 --> 00:22:35,159
Speaker 1: their ideological commitment to whatever he pretended to stand for

444
00:22:35,280 --> 00:22:38,040
Speaker 1: at one point in time. It's just hard for me

445
00:22:38,119 --> 00:22:41,439
Speaker 1: to imagine. And even you know, we've also seen before

446
00:22:41,680 --> 00:22:46,040
Speaker 1: how much he has fallings out with almost everybody that's

447
00:22:46,080 --> 00:22:48,600
Speaker 1: ever in his circle. I mean, Steve Bannon was supposed

448
00:22:48,640 --> 00:22:50,800
Speaker 1: to be the mastermind that was going to really you know,

449
00:22:51,280 --> 00:22:53,480
Speaker 1: I'm sure Trump couldn't be bothered with the details, but

450
00:22:53,600 --> 00:22:56,560
Speaker 1: Bannon was going to be destroying the administrative state, bringing

451
00:22:56,600 --> 00:22:59,240
Speaker 1: in all his luck all this. Yeah, and then he like,

452
00:22:59,440 --> 00:23:01,159
Speaker 1: you know, did that phone call to the reporter and

453
00:23:01,520 --> 00:23:03,920
Speaker 1: whatever he said there, and that was in for him.

454
00:23:04,040 --> 00:23:07,720
Speaker 1: So anyway, I'll continue to be skeptical. Now, I mean,

455
00:23:07,760 --> 00:23:09,679
Speaker 1: could they fire a bunch of people? Yeah, as possible.

456
00:23:09,800 --> 00:23:11,600
Speaker 1: I think Jonathan Swan made a good point here that

457
00:23:11,640 --> 00:23:13,159
Speaker 1: it's not hard to fire a bunch of people, and

458
00:23:13,200 --> 00:23:15,000
Speaker 1: they might do that. Are they going to be able

459
00:23:15,040 --> 00:23:18,400
Speaker 1: to really, you know, staff an administration full of thousands

460
00:23:18,480 --> 00:23:20,639
Speaker 1: and thousands of people who share a commitment to an

461
00:23:20,640 --> 00:23:23,480
Speaker 1: agenda that Trump doesn't even care about anymore. Don't see

462
00:23:23,520 --> 00:23:26,240
Speaker 1: that coming? Yeah, I think you're right. Okay, So another

463
00:23:26,400 --> 00:23:29,920
Speaker 1: interesting note on the Trump political dynamics. So we covered

464
00:23:30,000 --> 00:23:33,879
Speaker 1: before the sort of brewing Trump versus Pence battle, and

465
00:23:34,240 --> 00:23:36,959
Speaker 1: we asked the question whether Fox News and the Murdoch

466
00:23:37,040 --> 00:23:40,960
Speaker 1: Empire were potentially splitting from Trump and try and explore

467
00:23:41,119 --> 00:23:44,600
Speaker 1: other possibilities. Other alternatives also interesting to note that it

468
00:23:44,720 --> 00:23:47,840
Speaker 1: is Pence's top aides who are cooperating with the January

469
00:23:47,840 --> 00:23:50,080
Speaker 1: sixth committee and also who were just testifying to a

470
00:23:50,160 --> 00:23:52,800
Speaker 1: grand jury. So with all of that as context, let's

471
00:23:52,800 --> 00:23:55,440
Speaker 1: go ahead and put this next piece up. None of

472
00:23:55,520 --> 00:23:58,800
Speaker 1: the major cable networks carried Trump's first speech in DC,

473
00:23:58,960 --> 00:24:01,000
Speaker 1: the one we just talked about since leaving office, and

474
00:24:01,040 --> 00:24:03,359
Speaker 1: put this next piece up. What they did show on

475
00:24:03,720 --> 00:24:08,800
Speaker 1: Fox is seventeen minutes of Pence's speech, but no minutes

476
00:24:09,080 --> 00:24:13,560
Speaker 1: of Trump's speech. So listen. If you're wanting to buy

477
00:24:13,600 --> 00:24:15,760
Speaker 1: into the idea that Murdoch is trying to move on

478
00:24:15,880 --> 00:24:17,320
Speaker 1: from Trump, I think this is a little bit of

479
00:24:17,359 --> 00:24:19,600
Speaker 1: evidence for you. I stand by what we said previously,

480
00:24:19,680 --> 00:24:21,840
Speaker 1: which is, yeah, do I think they would rather have

481
00:24:21,920 --> 00:24:24,639
Speaker 1: a nominee? I do. Do I think they have control

482
00:24:24,680 --> 00:24:26,600
Speaker 1: over the Republican base at this point. Do I think

483
00:24:26,640 --> 00:24:28,440
Speaker 1: they're going to make like a hard and firm stand

484
00:24:28,600 --> 00:24:31,840
Speaker 1: and really like go all in for Pence or DeSantis

485
00:24:31,960 --> 00:24:34,280
Speaker 1: or anyone else. No. I think ultimately they're going to

486
00:24:34,280 --> 00:24:35,880
Speaker 1: look at the ratings. They're going to follow the base

487
00:24:35,960 --> 00:24:38,280
Speaker 1: because that's what they do, and if the base still

488
00:24:38,320 --> 00:24:40,879
Speaker 1: wants Trump, that's ultimately the direction they'll go in. I

489
00:24:40,960 --> 00:24:42,080
Speaker 1: just bring it back to a point I made in

490
00:24:42,119 --> 00:24:44,320
Speaker 1: our last show, which is, look, guys, the Internet exists.

491
00:24:44,359 --> 00:24:46,240
Speaker 1: I mean, you don't actually need Fox to watch Trump.

492
00:24:46,320 --> 00:24:48,119
Speaker 1: It's not that hard. You can literally go on YouTube

493
00:24:48,160 --> 00:24:49,480
Speaker 1: and you can watch it live, which is what a

494
00:24:49,520 --> 00:24:51,400
Speaker 1: lot of us did, or you can watch it live

495
00:24:51,480 --> 00:24:54,200
Speaker 1: on Twitter or whichever site that they were streaming from

496
00:24:54,560 --> 00:24:57,239
Speaker 1: at the actual event in the dear twenty twenty two,

497
00:24:57,680 --> 00:25:00,680
Speaker 1: whether you show a speech or not, yeah, matter for

498
00:25:00,800 --> 00:25:02,760
Speaker 1: the boomer audience who doesn't even know how to do that.

499
00:25:03,040 --> 00:25:05,240
Speaker 1: But at this point, I mean clips of that were

500
00:25:05,400 --> 00:25:08,359
Speaker 1: pumping out the Trump war room. Twitter was clipping it

501
00:25:08,520 --> 00:25:10,840
Speaker 1: live and putting it out there. So I just think

502
00:25:10,880 --> 00:25:12,800
Speaker 1: it's going to be extraordinarily difficult for them to try

503
00:25:12,800 --> 00:25:15,360
Speaker 1: and pretend that he doesn't exist. And this whole pick

504
00:25:15,480 --> 00:25:19,200
Speaker 1: me seventeen minutes of Pence and now even today we

505
00:25:19,320 --> 00:25:22,240
Speaker 1: live in such a different media environment than twenty sixteen.

506
00:25:22,320 --> 00:25:24,600
Speaker 1: So the power of Fox, I just think is so

507
00:25:24,920 --> 00:25:28,879
Speaker 1: completely diminished relative to the actual brand of Trump himself.

508
00:25:28,960 --> 00:25:32,440
Speaker 1: And don't forget Facebook. Trump himself may not be on Facebook,

509
00:25:32,480 --> 00:25:35,560
Speaker 1: but all of the Trump organizations are. You can share

510
00:25:35,600 --> 00:25:39,919
Speaker 1: the videos, Instagram, YouTube, now rumble you know exists if

511
00:25:39,960 --> 00:25:43,399
Speaker 1: you want the full unedited thing truth social they have

512
00:25:43,640 --> 00:25:46,440
Speaker 1: direct lines of communication in addition to their email list

513
00:25:46,600 --> 00:25:49,440
Speaker 1: which they blast out constantly. So look, I just think

514
00:25:49,480 --> 00:25:51,880
Speaker 1: that this is really a fantasy, but this data point

515
00:25:51,960 --> 00:25:54,320
Speaker 1: is going to continue to be interesting. Yeah, the Republican

516
00:25:54,400 --> 00:25:57,680
Speaker 1: elites trying to swing it away from Trump again, it

517
00:25:57,800 --> 00:25:59,840
Speaker 1: never works out plot twist. I do think it all

518
00:26:00,000 --> 00:26:02,200
Speaker 1: so ties into what we were talking about about his

519
00:26:02,400 --> 00:26:05,320
Speaker 1: legal jeopardy because the fact that you have, you know,

520
00:26:05,640 --> 00:26:08,159
Speaker 1: the Mitch McConnell's of the world and other Republican elites.

521
00:26:08,200 --> 00:26:11,440
Speaker 1: They may not be out there broadcasting their desire to

522
00:26:11,520 --> 00:26:13,800
Speaker 1: have a different candidate than Trump, but there is no

523
00:26:14,040 --> 00:26:18,040
Speaker 1: doubt that they would rather have someone else, anyone else,

524
00:26:18,119 --> 00:26:21,600
Speaker 1: because Trump is very uncomfortable for them. He's unpredictable, he's

525
00:26:21,720 --> 00:26:24,400
Speaker 1: a mess right, and extraordinarily divisive, bats with the country,

526
00:26:24,440 --> 00:26:26,440
Speaker 1: all of those things too. So the fact that you

527
00:26:26,600 --> 00:26:29,840
Speaker 1: have a sort of secret cabal of Republican elites who

528
00:26:29,960 --> 00:26:32,080
Speaker 1: also would like to see this guy indited and like

529
00:26:32,160 --> 00:26:34,000
Speaker 1: to see him sidelined, and like to be able to

530
00:26:34,080 --> 00:26:36,639
Speaker 1: move the party on does add a little bit of

531
00:26:36,720 --> 00:26:39,119
Speaker 1: weight to the idea that he may actually face some

532
00:26:39,280 --> 00:26:42,320
Speaker 1: consequences in a way that elites very rarely do in

533
00:26:42,560 --> 00:26:45,840
Speaker 1: American society. The other thing I was thinking about with this,

534
00:26:47,040 --> 00:26:49,680
Speaker 1: you know, we covered Pence is building up his operation

535
00:26:50,000 --> 00:26:52,760
Speaker 1: in this very seemingly sort of like self delusional way

536
00:26:52,840 --> 00:26:56,119
Speaker 1: because there really isn't a particular constituency for him. But

537
00:26:56,200 --> 00:26:58,080
Speaker 1: I was thinking about that in the context of the

538
00:26:58,119 --> 00:27:01,920
Speaker 1: fact that his top aids are being summoned to testify

539
00:27:02,000 --> 00:27:04,560
Speaker 1: the Grand Jury, talking to the January sixth Committee, etc.

540
00:27:05,400 --> 00:27:08,480
Speaker 1: They may also believe, whether they're right or wrong about this,

541
00:27:08,720 --> 00:27:11,600
Speaker 1: that Trump might be out of the picture. And that's

542
00:27:11,760 --> 00:27:15,720
Speaker 1: why what seems very self delusional when you're considering Pence

543
00:27:15,760 --> 00:27:18,680
Speaker 1: going directly up against Trump is somewhat less self and

544
00:27:18,800 --> 00:27:22,159
Speaker 1: still kind of delusional, but somewhat less delusional if you

545
00:27:22,480 --> 00:27:24,840
Speaker 1: are imagining that Trump might be out of the picture. Yeah,

546
00:27:24,880 --> 00:27:27,240
Speaker 1: I think you're right, all right. Literally, while we're filming

547
00:27:27,280 --> 00:27:29,879
Speaker 1: the show, we get the official live numbers of the

548
00:27:30,040 --> 00:27:33,760
Speaker 1: US economy. As the recession definition game had been playing out,

549
00:27:33,840 --> 00:27:36,920
Speaker 1: the Biden administration's fears have come true, So the US

550
00:27:37,000 --> 00:27:39,960
Speaker 1: economy shrinks for the second straight quarter. As the press

551
00:27:40,040 --> 00:27:43,240
Speaker 1: is saying it quote, igniting recession fears. In other words,

552
00:27:43,320 --> 00:27:46,639
Speaker 1: it is technically a recession. Now, all of these definitions

553
00:27:46,840 --> 00:27:48,960
Speaker 1: just are so annoying to me, and I was talking

554
00:27:49,000 --> 00:27:51,920
Speaker 1: about this yesterday. Nobody cares whether you're technically in a

555
00:27:51,960 --> 00:27:54,840
Speaker 1: recession or you're technically in a boom. They care can

556
00:27:54,920 --> 00:27:58,359
Speaker 1: you afford something? And are you employed? So to that extent, no,

557
00:27:58,480 --> 00:28:01,080
Speaker 1: the definition doesn't matter, to the extent that politically, the

558
00:28:01,160 --> 00:28:03,159
Speaker 1: White House is gas lighting all of us by saying, no,

559
00:28:03,200 --> 00:28:05,760
Speaker 1: we're not technically in recession. Actually we're in the strongest

560
00:28:05,920 --> 00:28:09,280
Speaker 1: job economy since World War two. Stop stop Like that

561
00:28:09,400 --> 00:28:12,520
Speaker 1: is just not comporting with the facts whatsoever. The current

562
00:28:12,600 --> 00:28:15,840
Speaker 1: facts are that the US economy contracted for the second

563
00:28:15,920 --> 00:28:20,200
Speaker 1: straight quarter, growth falling by one percent approximately so point

564
00:28:20,320 --> 00:28:24,480
Speaker 1: nine percent annual rate in April to June period. That

565
00:28:24,680 --> 00:28:29,000
Speaker 1: matters because GDP also fell for one point six annualized

566
00:28:29,040 --> 00:28:31,840
Speaker 1: rate in the first three months of the year, So

567
00:28:31,960 --> 00:28:38,840
Speaker 1: you have two straight quarters of technical again technical shrinking GDP. Now,

568
00:28:39,280 --> 00:28:43,680
Speaker 1: the pushback is that we have a low unemployment rate. Now,

569
00:28:43,920 --> 00:28:47,640
Speaker 1: it does seem while yes, inflation is high, that consumer

570
00:28:47,720 --> 00:28:51,960
Speaker 1: spending does not be in a be in typical recession territory.

571
00:28:52,240 --> 00:28:55,400
Speaker 1: But that's the whole point as to this economic moment,

572
00:28:55,440 --> 00:28:57,840
Speaker 1: and the economy that we're living in is very wonky.

573
00:28:58,240 --> 00:29:01,320
Speaker 1: Arguing whether we're technically in a recession are not, really

574
00:29:01,400 --> 00:29:04,920
Speaker 1: honestly doesn't matter. At last time I checked, inflation is

575
00:29:05,000 --> 00:29:07,520
Speaker 1: sky high on food and on gas. You know, the

576
00:29:07,600 --> 00:29:10,880
Speaker 1: Biden administration is celebrating the gas is only four dollars

577
00:29:10,920 --> 00:29:13,920
Speaker 1: and thirty cents a gallon nationally. The economy is not good.

578
00:29:14,120 --> 00:29:15,840
Speaker 1: I just don't know why that we can't just lead

579
00:29:15,920 --> 00:29:18,840
Speaker 1: with that and that be the demarcation point. But unfortunately

580
00:29:18,920 --> 00:29:22,640
Speaker 1: the White House has chosen to majorly politicize the quote

581
00:29:22,680 --> 00:29:25,680
Speaker 1: definition of recession when it does them no good. I

582
00:29:25,800 --> 00:29:27,800
Speaker 1: see no point why they would pick this fight. So

583
00:29:27,840 --> 00:29:29,600
Speaker 1: I guess that's the part for me is it's just

584
00:29:29,680 --> 00:29:31,680
Speaker 1: sort of silly. It's like, this is not helping you

585
00:29:31,800 --> 00:29:34,400
Speaker 1: all politically. This deny the reality that people are living

586
00:29:34,440 --> 00:29:36,280
Speaker 1: and feeling every day, and it's you know, filled with

587
00:29:36,320 --> 00:29:40,800
Speaker 1: a sort of condescension towards the American people who know

588
00:29:41,120 --> 00:29:43,640
Speaker 1: exactly what is going on in their own lives in

589
00:29:43,960 --> 00:29:47,600
Speaker 1: real time. Even before you had these new numbers indicating

590
00:29:47,640 --> 00:29:50,360
Speaker 1: that you had two straight quarters of negative GDP growth.

591
00:29:50,760 --> 00:29:52,840
Speaker 1: You had fifty eight percent of Americans saying they thought

592
00:29:52,840 --> 00:29:55,440
Speaker 1: we were already in a recession. So people, exactly, people

593
00:29:55,520 --> 00:29:58,080
Speaker 1: have been there, whether you're you know, parsing the words

594
00:29:58,160 --> 00:30:02,480
Speaker 1: of the technical definition or ultimately. And also yesterday we

595
00:30:02,560 --> 00:30:05,040
Speaker 1: did have the FED move on It was what we expected,

596
00:30:05,080 --> 00:30:08,360
Speaker 1: seventy five basis points, which I think in some ways

597
00:30:08,440 --> 00:30:10,360
Speaker 1: people are like, oh, that's no big deal, because they

598
00:30:10,400 --> 00:30:13,000
Speaker 1: had floated possibly one hundred basis points. I'd be a

599
00:30:13,040 --> 00:30:16,760
Speaker 1: full percentage point interest rate hike, but we had not

600
00:30:17,120 --> 00:30:20,560
Speaker 1: until last month. We had not had to FED hike

601
00:30:20,720 --> 00:30:25,720
Speaker 1: interstrates by that high of a number since nineteen ninety four.

602
00:30:26,240 --> 00:30:29,080
Speaker 1: So to do it two months straight in a row

603
00:30:29,760 --> 00:30:33,880
Speaker 1: is really quite exceptional. And I continue to see news

604
00:30:33,920 --> 00:30:36,800
Speaker 1: coming out of the housing market, in particular about just

605
00:30:36,880 --> 00:30:39,360
Speaker 1: what a dire impact that is having on you know,

606
00:30:39,480 --> 00:30:41,720
Speaker 1: new housing starts, which by the way, need housing to

607
00:30:41,840 --> 00:30:44,960
Speaker 1: be built. That's the other piece of this that is

608
00:30:45,040 --> 00:30:48,000
Speaker 1: really important to remember is that when the FED is

609
00:30:48,400 --> 00:30:51,120
Speaker 1: hiking interest rates, that's not only hitting you directly what

610
00:30:51,200 --> 00:30:53,560
Speaker 1: they call like dampening demand, which just basically means you

611
00:30:53,680 --> 00:30:57,280
Speaker 1: don't have money to spend but it's also impacting companies'

612
00:30:57,360 --> 00:31:00,960
Speaker 1: ability to invest in things like, you know, new housing construction.

613
00:31:01,440 --> 00:31:03,920
Speaker 1: So it's also hurting the supply side, which is the

614
00:31:03,960 --> 00:31:08,360
Speaker 1: exact opposite of what you ultimately want to do. So again,

615
00:31:08,560 --> 00:31:13,280
Speaker 1: some really disturbing numbers on the GDP growth piece last quarter.

616
00:31:13,760 --> 00:31:16,240
Speaker 1: H This was attributable a lot to the fact that

617
00:31:16,920 --> 00:31:19,960
Speaker 1: companies have been struggling with what their inventory levels should be.

618
00:31:20,520 --> 00:31:23,480
Speaker 1: You know, they got caught with you know, they're just

619
00:31:23,600 --> 00:31:27,160
Speaker 1: in time practices not having enough, and they had shortages,

620
00:31:27,320 --> 00:31:29,720
Speaker 1: then they stocked up, then they had too much, and

621
00:31:29,800 --> 00:31:33,840
Speaker 1: they had surpluses, and so they've been having trouble sort

622
00:31:33,840 --> 00:31:36,560
Speaker 1: of figuring out the proper inventory levels, and since they've

623
00:31:36,560 --> 00:31:39,760
Speaker 1: been selling off inventory rather than acquiring more, that's a

624
00:31:39,840 --> 00:31:41,760
Speaker 1: hit on GDP growth. That was a lot of the

625
00:31:41,840 --> 00:31:44,719
Speaker 1: story of last quarter and right now. Personal consumption, as

626
00:31:44,720 --> 00:31:46,880
Speaker 1: I've talked about, it did grow by one percent, but

627
00:31:46,960 --> 00:31:50,480
Speaker 1: it actually has decelerated significantly by a full percentage point

628
00:31:50,520 --> 00:31:53,160
Speaker 1: from one point eight percent in Q one, So that

629
00:31:53,320 --> 00:31:56,080
Speaker 1: actually is less than what was expected for the personal

630
00:31:56,160 --> 00:31:58,480
Speaker 1: consumption rate, which does mean that we are seeing a

631
00:31:58,600 --> 00:32:01,720
Speaker 1: deceleration although it is still growing. That's kind of the

632
00:32:01,760 --> 00:32:04,160
Speaker 1: full picture. I don't think it damn matters. But White

633
00:32:04,200 --> 00:32:07,120
Speaker 1: House doing itself no favor by trying to redefine all

634
00:32:07,160 --> 00:32:09,640
Speaker 1: of this when honestly they're doing some good things. So

635
00:32:10,080 --> 00:32:12,440
Speaker 1: let's talk about the good things, and we'll start with

636
00:32:12,760 --> 00:32:14,360
Speaker 1: the Chips Act. So let's go ahead and put this

637
00:32:14,480 --> 00:32:18,400
Speaker 1: up there on the screen. Yesterday, the Senate passed the

638
00:32:18,480 --> 00:32:20,960
Speaker 1: Chips Act, providing grants and other incentives to the US

639
00:32:21,040 --> 00:32:24,000
Speaker 1: computer chip industry to better compete with China and science

640
00:32:24,040 --> 00:32:26,520
Speaker 1: and technology. It is now heading to the House for

641
00:32:26,960 --> 00:32:30,600
Speaker 1: final approval. Now, this is kind of a landmark piece

642
00:32:30,680 --> 00:32:34,720
Speaker 1: of legislation. We're talking here about fifty eight billion dollars

643
00:32:34,800 --> 00:32:40,240
Speaker 1: with the b being pumped directly into semiconductor chip manufacturing. However,

644
00:32:40,400 --> 00:32:43,640
Speaker 1: it has split the US politics in some interesting ways.

645
00:32:43,680 --> 00:32:45,960
Speaker 1: It was a sixty four to thirty three vote, but

646
00:32:46,120 --> 00:32:49,080
Speaker 1: not all Democrats actually did vote for the bill. Let's

647
00:32:49,120 --> 00:32:51,240
Speaker 1: put this up there. So the Republicans who voted for

648
00:32:51,360 --> 00:32:59,200
Speaker 1: it are Roy Blunt, Richard Burr, Marcpedo, Cascassidy Collins, Cornyn Danes, Graham, Haggerty, McConnell,

649
00:32:59,480 --> 00:33:03,480
Speaker 1: Moran Portman, Romney sass Tillis Wicker, and young. Now, in

650
00:33:03,600 --> 00:33:05,880
Speaker 1: terms of the Democrats or Independence who voted against the

651
00:33:05,920 --> 00:33:08,920
Speaker 1: bill actually Senator Bernie Sanders, and then those who did

652
00:33:09,000 --> 00:33:12,880
Speaker 1: not vote were Patrick Lay, Joe Manchin, and Lisa Murkowski.

653
00:33:13,000 --> 00:33:16,160
Speaker 1: So the reasons behind all of this are kind of fascinating.

654
00:33:16,480 --> 00:33:18,840
Speaker 1: Let's put this up there on the screen first, which

655
00:33:18,920 --> 00:33:21,800
Speaker 1: is what is this thing? Well, as I said, it

656
00:33:21,920 --> 00:33:24,680
Speaker 1: is fifty eight billion dollars which is being sent directly

657
00:33:24,760 --> 00:33:30,440
Speaker 1: to semiconductor manufacturing specifically, but it includes hundreds of billions

658
00:33:30,480 --> 00:33:33,959
Speaker 1: of dollars more for National Science Foundation grants which are

659
00:33:34,040 --> 00:33:39,600
Speaker 1: able to be used specifically for investing in research behind

660
00:33:39,760 --> 00:33:42,600
Speaker 1: cutting edge R and D as to the development of

661
00:33:42,680 --> 00:33:47,880
Speaker 1: both AI, quantum computing, wireless communications, precision agriculture, and more.

662
00:33:47,960 --> 00:33:51,440
Speaker 1: So it's a major grant towards funding institutions. Now, before

663
00:33:51,520 --> 00:33:55,360
Speaker 1: we play Sanders's objection, I actually found it interesting. So

664
00:33:55,440 --> 00:33:57,040
Speaker 1: I reached out to some of my friends who were

665
00:33:57,040 --> 00:33:58,920
Speaker 1: in the Senate and I was like, Hey, why did

666
00:33:59,040 --> 00:34:01,840
Speaker 1: Marco Rubio and Tom Cotton, people who were very pro

667
00:34:02,040 --> 00:34:05,400
Speaker 1: Chips Act vote against this bill. Here's the reasoning that

668
00:34:05,520 --> 00:34:09,240
Speaker 1: I got, which is that the current bill actually gives

669
00:34:09,360 --> 00:34:12,960
Speaker 1: an incredible amount of discretion to the Commerce Department. And

670
00:34:13,080 --> 00:34:15,440
Speaker 1: part of the problem is that with that fifty eight billion,

671
00:34:15,680 --> 00:34:17,920
Speaker 1: you don't just grant it to these companies, right, it's

672
00:34:17,920 --> 00:34:21,080
Speaker 1: not in the legislation. You give power to the Commerce Department,

673
00:34:21,320 --> 00:34:25,920
Speaker 1: who gets to use definitions and guidance to determine who's

674
00:34:25,960 --> 00:34:28,000
Speaker 1: going to get it or not. And not only is who,

675
00:34:28,400 --> 00:34:30,920
Speaker 1: but what projects. And part of the fear was that

676
00:34:31,000 --> 00:34:34,359
Speaker 1: there was not stringent enough stuff written into the bill

677
00:34:34,680 --> 00:34:37,520
Speaker 1: that would say that Intel or whomever might say, hey,

678
00:34:37,600 --> 00:34:40,759
Speaker 1: we need you to subsidize this while also being able

679
00:34:40,800 --> 00:34:43,880
Speaker 1: to boost production in China. So their objection to the

680
00:34:43,920 --> 00:34:46,840
Speaker 1: bills there was not enough guardrails on the legislation to

681
00:34:46,920 --> 00:34:49,640
Speaker 1: make sure that the legislation will not be gained by

682
00:34:49,680 --> 00:34:51,840
Speaker 1: the computer chip industry in order to make sure that

683
00:34:51,880 --> 00:34:55,239
Speaker 1: they still have production in China and not But let's

684
00:34:55,520 --> 00:34:58,880
Speaker 1: go ahead before we get to Centator Sanders objections because

685
00:34:58,880 --> 00:35:02,200
Speaker 1: they echoed that into ways. I mean, his concerns are

686
00:35:02,320 --> 00:35:05,920
Speaker 1: more on the front of unionization. I mean, there are

687
00:35:06,239 --> 00:35:09,160
Speaker 1: very few sort of requirements put on these companies who

688
00:35:09,239 --> 00:35:12,239
Speaker 1: are going to be beneficiarias of a massive subsidy. So

689
00:35:13,120 --> 00:35:15,920
Speaker 1: we've seen before, you know, these big corporate subsidies going

690
00:35:15,960 --> 00:35:18,440
Speaker 1: to like Fox Con in Wisconsin, and it turns out

691
00:35:18,480 --> 00:35:21,360
Speaker 1: to be a total boondoggle, that's a disaster for taxpayers,

692
00:35:21,400 --> 00:35:24,840
Speaker 1: and no jobs ultimately materialize. So I think there are

693
00:35:25,000 --> 00:35:29,319
Speaker 1: legitimate concerns here about whether we could be snookered again,

694
00:35:29,719 --> 00:35:31,880
Speaker 1: and ultimately, you know, you think you're going to get

695
00:35:31,920 --> 00:35:36,200
Speaker 1: this chips manufacturing facility, have this good bedrock piece of

696
00:35:36,239 --> 00:35:39,840
Speaker 1: industrial policy which is incredibly important, and then ultimately the

697
00:35:39,880 --> 00:35:42,440
Speaker 1: whole thing falls apart and is just another big corporate giveaway.

698
00:35:42,480 --> 00:35:45,040
Speaker 1: I do think that those fears are really justified. However,

699
00:35:46,120 --> 00:35:48,120
Speaker 1: a little bit of context on this, which we've covered

700
00:35:48,120 --> 00:35:50,560
Speaker 1: and you've covered in particular on this show extensively. But

701
00:35:50,600 --> 00:35:53,360
Speaker 1: I just want to remind people of why this matters

702
00:35:53,520 --> 00:35:56,440
Speaker 1: so much. Is because it's something like seven hundred and

703
00:35:56,520 --> 00:36:00,279
Speaker 1: eighty six chips manufacturing facilities have gone overseas in the

704
00:36:00,360 --> 00:36:03,880
Speaker 1: past several decades, and it has left us with almost

705
00:36:04,239 --> 00:36:10,600
Speaker 1: no domestic manufacturing capability. This is really critical. It's critical

706
00:36:10,719 --> 00:36:13,719
Speaker 1: for you as a consumer. This is in all your electronics,

707
00:36:14,360 --> 00:36:16,320
Speaker 1: this is in a lot of the new cars, especially

708
00:36:16,400 --> 00:36:20,239
Speaker 1: the new electric cars, really dependent on this technology. It's

709
00:36:20,280 --> 00:36:23,040
Speaker 1: also really critical for defense. And this is why part

710
00:36:23,080 --> 00:36:25,520
Speaker 1: of why Republicans are so interested in it is because

711
00:36:25,840 --> 00:36:27,800
Speaker 1: you have to have these chips to be able to

712
00:36:27,920 --> 00:36:31,400
Speaker 1: manufacture the advanced weaponry that we depend on. So the

713
00:36:31,480 --> 00:36:34,920
Speaker 1: fact that this is overwhelmingly I mean actually the advanced

714
00:36:34,960 --> 00:36:39,560
Speaker 1: chips are overwhelmingly being manufactured in Taiwan, correct, not a

715
00:36:39,640 --> 00:36:43,120
Speaker 1: good situation whatsoever and something that people on both sides

716
00:36:43,120 --> 00:36:46,040
Speaker 1: of the aisle have been interested in dealing with. So

717
00:36:46,719 --> 00:36:49,960
Speaker 1: the big question is whether this act has been crafted

718
00:36:50,040 --> 00:36:53,560
Speaker 1: well enough to actually accomplish the goal, or whether you're

719
00:36:53,600 --> 00:36:56,080
Speaker 1: going to end up with corporations getting paid and no

720
00:36:56,239 --> 00:37:00,560
Speaker 1: jobs being created and no new innate domestic capacit. So

721
00:37:00,960 --> 00:37:03,880
Speaker 1: that's kind of the backstory. Extremely well said. And as

722
00:37:03,920 --> 00:37:05,720
Speaker 1: you said, we know we already live in a massive

723
00:37:06,560 --> 00:37:09,400
Speaker 1: already we have huge blows to the US economy, hundreds

724
00:37:09,440 --> 00:37:11,520
Speaker 1: of billions of dollars in lost economic growth from the

725
00:37:11,520 --> 00:37:14,000
Speaker 1: ship shortage of the last two years alone. Let's play

726
00:37:14,000 --> 00:37:15,719
Speaker 1: center standards objection. I'll give you my thoughts on the

727
00:37:15,760 --> 00:37:18,279
Speaker 1: other side, ment of President. I do not argue with

728
00:37:18,920 --> 00:37:22,520
Speaker 1: anyone who makes the point that there is a global

729
00:37:22,560 --> 00:37:26,319
Speaker 1: shortage in microchips and semiconductors, which is making it harder

730
00:37:26,320 --> 00:37:29,800
Speaker 1: for manufacturers to produce the cars, the cell phones, the

731
00:37:29,880 --> 00:37:34,480
Speaker 1: household appliances, and the electronic equipment that we need. This

732
00:37:34,640 --> 00:37:38,000
Speaker 1: shortage is in fact questing American workers good paying jobs

733
00:37:38,440 --> 00:37:40,920
Speaker 1: and raising prices for families. And that is why I

734
00:37:41,040 --> 00:37:45,360
Speaker 1: personally strongly support the need to expand US microchip production.

735
00:37:46,239 --> 00:37:49,440
Speaker 1: But the question that we should be asking is this,

736
00:37:50,440 --> 00:37:54,600
Speaker 1: should American tax payers provide the microchip industry with a

737
00:37:54,760 --> 00:37:58,600
Speaker 1: blank check, blank check of over seventy six billion dollars

738
00:37:59,239 --> 00:38:03,560
Speaker 1: at the same time when semi conduct the companies are

739
00:38:03,640 --> 00:38:07,479
Speaker 1: making tens of billions of dollars in profits and paying

740
00:38:07,560 --> 00:38:12,040
Speaker 1: their CEO's exorbitant compensation packages. That really is one of

741
00:38:12,080 --> 00:38:14,040
Speaker 1: the questions that we should be asking, and I think

742
00:38:14,080 --> 00:38:16,279
Speaker 1: the answer to that is a resounding no. This is

743
00:38:16,280 --> 00:38:20,640
Speaker 1: an enormously profitable industry. So here's my objection to what

744
00:38:20,760 --> 00:38:23,239
Speaker 1: Sanders is saying. And look, I'm not saying I enjoy

745
00:38:23,320 --> 00:38:26,320
Speaker 1: corporate welfare, but we live in a free market, capitalist country.

746
00:38:26,560 --> 00:38:30,239
Speaker 1: You cannot force companies to manufacture here. Now. There are

747
00:38:30,400 --> 00:38:33,399
Speaker 1: enough stringent restrictions in the bill, which is the most

748
00:38:33,680 --> 00:38:35,600
Speaker 1: objectionable one to me, would be if you could buy

749
00:38:35,640 --> 00:38:37,239
Speaker 1: back here on stock. You cannot use any of this

750
00:38:37,320 --> 00:38:39,560
Speaker 1: money to buy background stock. So I'm like, okay, Second,

751
00:38:39,960 --> 00:38:44,359
Speaker 1: is it is earmarked specifically towards chip manufacturing. I also

752
00:38:44,440 --> 00:38:45,960
Speaker 1: want to get to the point that he's making there.

753
00:38:46,160 --> 00:38:48,640
Speaker 1: He is not wrong that they are more craft profitable

754
00:38:48,800 --> 00:38:51,280
Speaker 1: than ever. Do you know why they became profitable Because

755
00:38:51,280 --> 00:38:55,080
Speaker 1: here's the issue. We design all of the world's best

756
00:38:55,120 --> 00:38:58,840
Speaker 1: semiconductors right here in the United States, Intel and others.

757
00:38:59,200 --> 00:39:04,719
Speaker 1: However we manufacture them in Taiwan and in Asia. The

758
00:39:04,880 --> 00:39:07,600
Speaker 1: reason to do so is because that was the way

759
00:39:07,920 --> 00:39:12,680
Speaker 1: that chip manufacturers were able to boost profits. So in

760
00:39:12,880 --> 00:39:17,239
Speaker 1: order to actually reduce profitability or at least incentivize them

761
00:39:17,520 --> 00:39:20,200
Speaker 1: to go in the right direction, we are directly using

762
00:39:20,280 --> 00:39:24,680
Speaker 1: this act to subsidize production. And the production is what

763
00:39:24,840 --> 00:39:28,000
Speaker 1: matters more than anything, both from a geostrategic point of view.

764
00:39:28,280 --> 00:39:29,920
Speaker 1: I mean, look, this is part of the reason why

765
00:39:29,960 --> 00:39:32,520
Speaker 1: if China invaded Taiwan, the US economy, I'm not kidding,

766
00:39:32,520 --> 00:39:34,160
Speaker 1: would shut down within like six months. Yea, Like the

767
00:39:34,320 --> 00:39:38,160
Speaker 1: US consumer electronic U gone, I mean, no more phone,

768
00:39:38,239 --> 00:39:42,000
Speaker 1: no more televisions, Like everything that we use is over

769
00:39:42,440 --> 00:39:45,560
Speaker 1: and that is a bad situation. You shouldn't have a

770
00:39:45,600 --> 00:39:48,160
Speaker 1: single choke point that exists like that. That's why I

771
00:39:48,200 --> 00:39:52,040
Speaker 1: support this legislation. I hear the concerns of Sanders of

772
00:39:52,239 --> 00:39:55,880
Speaker 1: my other like minded friends who work in the offices.

773
00:39:56,320 --> 00:39:58,960
Speaker 1: But listen, we have got to get out ahead of this.

774
00:39:59,160 --> 00:40:02,239
Speaker 1: It takes ten years in order to build some of

775
00:40:02,280 --> 00:40:06,600
Speaker 1: these chip fabs and other manufacturing facilities. We need the jobs. Already,

776
00:40:06,680 --> 00:40:09,480
Speaker 1: Intel is building they've been waiting for this piece of

777
00:40:09,560 --> 00:40:12,279
Speaker 1: legislation to pass. We need them in Ohio, we need

778
00:40:12,320 --> 00:40:14,880
Speaker 1: them in Arizona, we need them in Texas, all across

779
00:40:14,920 --> 00:40:17,880
Speaker 1: the country. Other chip manufacturers are already saying they're going

780
00:40:17,960 --> 00:40:21,880
Speaker 1: to invest increasingly twenty to one hundred billion dollars here

781
00:40:21,920 --> 00:40:24,040
Speaker 1: in the United States. We need this money. We just

782
00:40:24,120 --> 00:40:27,520
Speaker 1: simply do. We cannot exist. So listen, is it baked

783
00:40:27,560 --> 00:40:29,719
Speaker 1: full of some stuff that I'm not going to like?

784
00:40:29,800 --> 00:40:31,600
Speaker 1: And are some of these companies always going to do

785
00:40:31,640 --> 00:40:34,680
Speaker 1: the best thing? Absolutely not. However, this thing got to

786
00:40:34,719 --> 00:40:37,320
Speaker 1: sixty four votes in the US Senate. Hopefully from what

787
00:40:37,400 --> 00:40:39,520
Speaker 1: we see right now, it is going to pass in

788
00:40:39,640 --> 00:40:42,440
Speaker 1: the House. To that a little more in town and

789
00:40:42,480 --> 00:40:45,520
Speaker 1: we'll get to that at yeah, a loop. Well, let

790
00:40:45,600 --> 00:40:48,840
Speaker 1: me just say, am I don't think that Senator Sanders

791
00:40:48,920 --> 00:40:50,840
Speaker 1: is really wrong about anything that he's saying here. I

792
00:40:50,880 --> 00:40:54,080
Speaker 1: think his concerns are entirely legitimate and justified. And the

793
00:40:54,160 --> 00:40:57,840
Speaker 1: reality is, and this does suck, like Intel is basically

794
00:40:58,280 --> 00:41:01,799
Speaker 1: blackmailing the US government because they were going to create

795
00:41:01,920 --> 00:41:06,279
Speaker 1: this production facility in Columbus, Ohio, and then they're like, Eh,

796
00:41:06,960 --> 00:41:08,960
Speaker 1: don't know if we're going to you're going to have

797
00:41:09,040 --> 00:41:11,760
Speaker 1: to bribe us to do it. And that's the reality

798
00:41:11,840 --> 00:41:15,680
Speaker 1: of the situation, and that does totally suck. And by

799
00:41:15,719 --> 00:41:19,200
Speaker 1: the way, Bernie's Bernie offered an amendment here which should

800
00:41:19,239 --> 00:41:21,120
Speaker 1: have been included and of course was voted down, but

801
00:41:21,280 --> 00:41:25,280
Speaker 1: is entirely reasonable, which says that if chip microchip companies

802
00:41:25,520 --> 00:41:28,880
Speaker 1: get this taxpayer assistance, they shouldn't be able to outsource

803
00:41:28,880 --> 00:41:33,440
Speaker 1: American jobs overseas. Good addition, repeal existing collective bargaining agreements

804
00:41:33,480 --> 00:41:37,360
Speaker 1: and must remain neutral in any union organizing effort. That

805
00:41:37,520 --> 00:41:40,600
Speaker 1: should have been added, it wasn't, So the bill is

806
00:41:40,719 --> 00:41:43,800
Speaker 1: worse for not having provisions like that in place to

807
00:41:44,000 --> 00:41:46,280
Speaker 1: make sure that you actually end up with these jobs

808
00:41:46,440 --> 00:41:48,960
Speaker 1: and with this production and that it is being done

809
00:41:49,160 --> 00:41:54,200
Speaker 1: by union union workers. However, when you look at it

810
00:41:54,320 --> 00:41:57,000
Speaker 1: on balance and you say, okay, but this is the

811
00:41:57,120 --> 00:42:00,000
Speaker 1: reality we live in, and yes, you are going to

812
00:42:00,360 --> 00:42:02,400
Speaker 1: have to in order to get this through, you're going

813
00:42:02,440 --> 00:42:04,759
Speaker 1: to have to have Republicans on board. It is one

814
00:42:04,840 --> 00:42:06,879
Speaker 1: hundred percent the case that the things that get through

815
00:42:06,920 --> 00:42:09,520
Speaker 1: the Senate are things that corporate America likes. There is

816
00:42:09,600 --> 00:42:11,960
Speaker 1: no doubt about that. Center standers point on that is

817
00:42:12,160 --> 00:42:15,000
Speaker 1: as well taken as well. He goes on to say, like, Okay,

818
00:42:15,200 --> 00:42:16,960
Speaker 1: you know what's the reason why we get the corporate

819
00:42:17,000 --> 00:42:20,120
Speaker 1: subsidies through, but not say universal health care. He's not

820
00:42:20,239 --> 00:42:22,920
Speaker 1: wrong about any of that. But when you take the

821
00:42:24,040 --> 00:42:27,200
Speaker 1: reality as it exists on balance, if I was in

822
00:42:27,280 --> 00:42:29,080
Speaker 1: the Senate, would I vote for this bill? I would

823
00:42:29,200 --> 00:42:32,399
Speaker 1: because it's industrial policy. That's something that has been sort

824
00:42:32,440 --> 00:42:35,680
Speaker 1: of like off the table for a lot of years. Yeah,

825
00:42:35,719 --> 00:42:38,600
Speaker 1: it's normal, something I believe in. I wish it was

826
00:42:38,680 --> 00:42:40,399
Speaker 1: done a little bit better than this, which is most

827
00:42:40,480 --> 00:42:42,719
Speaker 1: you know, it does have some elements of basically like

828
00:42:42,800 --> 00:42:46,040
Speaker 1: a corporate giveaway, but this is a really critical piece

829
00:42:46,200 --> 00:42:50,280
Speaker 1: of bringing a critical supply line back to our shores

830
00:42:50,400 --> 00:42:56,480
Speaker 1: and hopefully creating some good paying American jobs manufacturing these

831
00:42:56,800 --> 00:43:01,560
Speaker 1: advanced ships, which is critical for again consumer products, electric cars,

832
00:43:01,920 --> 00:43:05,200
Speaker 1: advanced weaponry, all of the above. So, even though I

833
00:43:05,280 --> 00:43:08,120
Speaker 1: think the objections are well founded, I can't really disagree

834
00:43:08,160 --> 00:43:10,759
Speaker 1: with anything that Bernie is saying here. If this is

835
00:43:10,800 --> 00:43:13,279
Speaker 1: the only bill that I have a chance to vote for, yeah,

836
00:43:13,280 --> 00:43:15,000
Speaker 1: I would probably vote in favor. And I and that's

837
00:43:15,000 --> 00:43:18,120
Speaker 1: why I take the concerns of the people who says

838
00:43:18,360 --> 00:43:20,279
Speaker 1: it's too much power in the hands of commerce. I

839
00:43:20,360 --> 00:43:22,960
Speaker 1: take the concerns of that. But I do get annoyed

840
00:43:22,960 --> 00:43:24,719
Speaker 1: when I see like Robert Reich and all those people

841
00:43:24,800 --> 00:43:27,359
Speaker 1: like carporate welfare. I'm like, what are you a Cato libertarian? Now?

842
00:43:27,440 --> 00:43:30,080
Speaker 1: I mean, listen, like, sometimes corporate welfare is good if

843
00:43:30,120 --> 00:43:32,640
Speaker 1: it's good for the people who are workers. As we

844
00:43:32,719 --> 00:43:35,320
Speaker 1: all found. It's like the airline bailout. I wasn't opposed

845
00:43:35,320 --> 00:43:37,080
Speaker 1: to bailing out the airlines as long as you do

846
00:43:37,160 --> 00:43:39,239
Speaker 1: it right now, it wasn't done properly, and I think

847
00:43:39,280 --> 00:43:41,120
Speaker 1: that that is certainly an issue and we should use

848
00:43:41,160 --> 00:43:43,480
Speaker 1: that as we should use that as a track record.

849
00:43:43,640 --> 00:43:45,520
Speaker 1: But is that the reason to never bail out the

850
00:43:45,560 --> 00:43:48,200
Speaker 1: airlines again? No, we need air travel, So it's the

851
00:43:48,239 --> 00:43:50,080
Speaker 1: same thing when it comes to the chips. I don't

852
00:43:50,080 --> 00:43:52,080
Speaker 1: think it's going to be perfect. It certainly is not.

853
00:43:52,440 --> 00:43:54,960
Speaker 1: And there's some interesting legislative maneuvers we'll talk about in

854
00:43:55,040 --> 00:43:57,400
Speaker 1: the Joe Mansion block which are kind of interesting as

855
00:43:57,440 --> 00:43:59,080
Speaker 1: to how all of this was kind of used to

856
00:43:59,160 --> 00:44:03,200
Speaker 1: hoodwink Republicans. But on its face, we should celebrate when

857
00:44:03,239 --> 00:44:06,560
Speaker 1: people do things which are good for the country. Sometimes, yes,

858
00:44:06,640 --> 00:44:09,600
Speaker 1: that aligns with corporate interests, and I'm generally okay with that. Yeah,

859
00:44:09,600 --> 00:44:10,680
Speaker 1: we got to keep an eye on it and make

860
00:44:10,719 --> 00:44:13,920
Speaker 1: sure we hold them on able by way, if there's cheating,

861
00:44:13,960 --> 00:44:16,480
Speaker 1: taking the money and running and never creating it. If

862
00:44:16,480 --> 00:44:17,880
Speaker 1: there's cheating, who do you think will be the very

863
00:44:17,920 --> 00:44:19,680
Speaker 1: first people who talk about it. It will be right

864
00:44:19,760 --> 00:44:21,279
Speaker 1: here on this show. And I can promise you that.

865
00:44:21,560 --> 00:44:23,360
Speaker 1: So let's go to the next part here. Again, we

866
00:44:23,480 --> 00:44:25,799
Speaker 1: got to give credit where it's due the Biden administration

867
00:44:26,000 --> 00:44:29,160
Speaker 1: making some actually great moves in terms of oil. Let's

868
00:44:29,160 --> 00:44:31,239
Speaker 1: put this up there on the screen so that we

869
00:44:31,400 --> 00:44:35,040
Speaker 1: had that plan of Sconda Amarnath, he's that economist over

870
00:44:35,360 --> 00:44:38,200
Speaker 1: at Employee America on our show several months ago talking

871
00:44:38,200 --> 00:44:41,480
Speaker 1: about how the Biden administration could use the Strategic Petroleum

872
00:44:41,520 --> 00:44:46,000
Speaker 1: Reserve to use fixed priced contracts, which could provide flexibility

873
00:44:46,120 --> 00:44:50,520
Speaker 1: to energy markets. So yesterday the Biden administration actually did

874
00:44:50,800 --> 00:44:55,080
Speaker 1: exactly that, and it seems it seems again that they

875
00:44:55,160 --> 00:44:57,279
Speaker 1: might be able to reduce the price of gas by

876
00:44:57,440 --> 00:45:00,600
Speaker 1: up to forty cents per gallon by doing so. I

877
00:45:00,680 --> 00:45:03,040
Speaker 1: think this is an extraordinarily good move. And what it

878
00:45:03,160 --> 00:45:06,920
Speaker 1: means is that you essentially use the Strategic Petroleum Reserve

879
00:45:07,360 --> 00:45:11,040
Speaker 1: as a set or a setter of price by intervening

880
00:45:11,239 --> 00:45:14,480
Speaker 1: in markets by buying and selling at the right rate.

881
00:45:14,560 --> 00:45:17,879
Speaker 1: I'm trying not to make it company as possible because

882
00:45:17,920 --> 00:45:19,560
Speaker 1: price smoothing, I mean, this is also sort of what

883
00:45:19,719 --> 00:45:23,400
Speaker 1: Rocana was tough. It's about price stability and encouraging increase

884
00:45:23,480 --> 00:45:26,680
Speaker 1: of supply to guarantee some price to the market, which

885
00:45:26,680 --> 00:45:29,360
Speaker 1: will allow investors to know that they're going to continue

886
00:45:29,400 --> 00:45:31,360
Speaker 1: to make the profit, which will allow the oil company

887
00:45:31,400 --> 00:45:33,040
Speaker 1: to drill without fear that the rug is going to

888
00:45:33,080 --> 00:45:36,239
Speaker 1: get pulled out from under them, and actually gives stability

889
00:45:36,280 --> 00:45:38,279
Speaker 1: to the energy market because part of the issue that

890
00:45:38,320 --> 00:45:40,640
Speaker 1: we've had right now is because oil markets are going

891
00:45:40,760 --> 00:45:43,279
Speaker 1: up and down and up and down. The investors want

892
00:45:43,320 --> 00:45:46,480
Speaker 1: to have their cash as soon as possible because they've

893
00:45:46,520 --> 00:45:50,000
Speaker 1: lost five hundred billion over the last several years. Anyway, personally,

894
00:45:50,120 --> 00:45:51,839
Speaker 1: I think it took way too long to get here.

895
00:45:52,120 --> 00:45:54,520
Speaker 1: It's July twenty eighth. Gas prices has been high for

896
00:45:54,600 --> 00:45:57,399
Speaker 1: a year. Russian invaded Ukraine, you know, several months ago.

897
00:45:57,719 --> 00:45:59,120
Speaker 1: But you know, don't want the perfect to be the

898
00:45:59,200 --> 00:46:00,759
Speaker 1: enemy of the good. I think that the fact that

899
00:46:00,840 --> 00:46:02,480
Speaker 1: they have the Chips Act, which is very likely to

900
00:46:02,560 --> 00:46:05,440
Speaker 1: pass sometime today through the House or sometime this week

901
00:46:05,680 --> 00:46:08,160
Speaker 1: in the House of Representatives, and then actually doing something

902
00:46:08,280 --> 00:46:11,240
Speaker 1: like this is actually the type of action which listen

903
00:46:11,600 --> 00:46:14,840
Speaker 1: could could boost their chances in the midterms. And we

904
00:46:14,920 --> 00:46:17,600
Speaker 1: were talking, We're like, what's happening here with the Democrats, right, Chips,

905
00:46:17,880 --> 00:46:19,880
Speaker 1: Now we actually get some good moves on gas. The

906
00:46:19,960 --> 00:46:23,440
Speaker 1: Joe Mansin thing seem to have happened in secret, like overnight,

907
00:46:24,320 --> 00:46:26,359
Speaker 1: just happening. So maybe they lit a fire under their

908
00:46:26,400 --> 00:46:28,799
Speaker 1: ass because they knew the midterms are coming. Maybe they

909
00:46:28,840 --> 00:46:31,680
Speaker 1: saw some generic bounce into polling from Roe versus weight.

910
00:46:31,760 --> 00:46:33,960
Speaker 1: I personally still think they're going to lose, but hey,

911
00:46:34,160 --> 00:46:36,560
Speaker 1: you know, you're doing something, and I will always celebrate

912
00:46:36,640 --> 00:46:39,560
Speaker 1: government actually doing something if it's a good action, and

913
00:46:39,680 --> 00:46:41,960
Speaker 1: it seems to be in this one. This is the

914
00:46:42,040 --> 00:46:44,760
Speaker 1: exact type of creative thinking the administration should have employed

915
00:46:45,000 --> 00:46:47,640
Speaker 1: from day one. And while I criticize the hell out

916
00:46:47,640 --> 00:46:49,920
Speaker 1: of them for doing nothing, this is still a very

917
00:46:49,920 --> 00:46:51,960
Speaker 1: good move in the right direction. I think it's a

918
00:46:52,000 --> 00:46:53,800
Speaker 1: good thing. Yeah, I do too. I mean, this is

919
00:46:53,880 --> 00:46:57,120
Speaker 1: again what I like about this is it shows that

920
00:46:57,200 --> 00:47:02,760
Speaker 1: they are listening to outside economists. You know, Rokana publish

921
00:47:02,880 --> 00:47:04,600
Speaker 1: that at ed in the New York Times that got

922
00:47:04,640 --> 00:47:06,440
Speaker 1: a lot of attention that we talked to him about

923
00:47:06,560 --> 00:47:09,200
Speaker 1: on this show. And so while the mechanics here seem

924
00:47:09,239 --> 00:47:12,440
Speaker 1: a little bit complex, basically you're using the power of

925
00:47:12,520 --> 00:47:16,279
Speaker 1: the government to guarantee a set price level for producers

926
00:47:16,520 --> 00:47:18,840
Speaker 1: so that they feel like, Okay, we can invest, we

927
00:47:18,920 --> 00:47:22,080
Speaker 1: have predictability, be predictability about what the price is going

928
00:47:22,160 --> 00:47:24,600
Speaker 1: to be. We can sell this to the government at

929
00:47:24,640 --> 00:47:27,440
Speaker 1: this set fixed rate. And it also helps to ensure

930
00:47:27,560 --> 00:47:30,680
Speaker 1: because they're intervening in the markets to stabilize prices for

931
00:47:30,840 --> 00:47:34,120
Speaker 1: consumers as well. There's a lot more technical, you know,

932
00:47:34,280 --> 00:47:36,200
Speaker 1: details in there that I recommend if you go and

933
00:47:36,239 --> 00:47:39,440
Speaker 1: look at Sconda's Twitter thread. He lays out some of

934
00:47:39,520 --> 00:47:41,600
Speaker 1: the more technical specifics, but that was the way that

935
00:47:41,680 --> 00:47:45,200
Speaker 1: I could wrap my head around it. So listen, I mean,

936
00:47:45,360 --> 00:47:47,759
Speaker 1: we're are ones to give credit where it's due. Are

937
00:47:47,840 --> 00:47:49,640
Speaker 1: there a lot more things I'd like to see him do?

938
00:47:49,920 --> 00:47:53,800
Speaker 1: One hundred percent? Is this like you know, a new fdr. No,

939
00:47:54,200 --> 00:47:57,200
Speaker 1: but they're at least getting back to trying to do

940
00:47:57,440 --> 00:48:02,520
Speaker 1: something and not just coming up with the excuses, feigning impotence,

941
00:48:03,120 --> 00:48:06,080
Speaker 1: you know, making sure, just spending all their time basically

942
00:48:06,120 --> 00:48:08,120
Speaker 1: saying well, sorry, you know, I think I know things suck,

943
00:48:08,200 --> 00:48:09,800
Speaker 1: but there's not really anything we can do about it.

944
00:48:09,920 --> 00:48:12,600
Speaker 1: So you have chips, you have this spr price moving,

945
00:48:13,000 --> 00:48:15,600
Speaker 1: you have the Mansion Act. You also have House Democrats

946
00:48:15,840 --> 00:48:18,800
Speaker 1: planning to move forward with banning all stock trading and

947
00:48:18,920 --> 00:48:23,440
Speaker 1: holding stocks by members' top aids and their spouses. So

948
00:48:24,520 --> 00:48:27,560
Speaker 1: I do think that this is just my theory. They

949
00:48:27,680 --> 00:48:30,600
Speaker 1: kind of looked at the state of play politically. First

950
00:48:30,640 --> 00:48:32,719
Speaker 1: of all, doing nothing wasn't working out very well for

951
00:48:32,800 --> 00:48:35,399
Speaker 1: them politically, but also the pulse have tightened a little

952
00:48:35,440 --> 00:48:37,080
Speaker 1: bit and they have more of a shot at not

953
00:48:37,160 --> 00:48:39,800
Speaker 1: getting completely wiped out in the midterms, and I do

954
00:48:39,920 --> 00:48:41,759
Speaker 1: think potentially that kind of lit a fire under them

955
00:48:41,800 --> 00:48:43,719
Speaker 1: of like, oh hey, maybe we should actually try to win.

956
00:48:43,880 --> 00:48:45,880
Speaker 1: Maybe we should actually try to deliver for the American

957
00:48:45,920 --> 00:48:49,000
Speaker 1: people and see what happens. Let's be crazy. Yeah, look,

958
00:48:49,080 --> 00:48:50,640
Speaker 1: I mean, still not a great thing. The gas can

959
00:48:50,760 --> 00:48:53,160
Speaker 1: be four dollars so a gallon, but forty cents reduction

960
00:48:53,360 --> 00:48:55,480
Speaker 1: that's not terrible significant and that's hundreds of millions of

961
00:48:55,520 --> 00:48:58,239
Speaker 1: dollars that consumers save every single day. So I'm going

962
00:48:58,280 --> 00:49:00,360
Speaker 1: to support this, and I hope that this is that

963
00:49:00,640 --> 00:49:03,080
Speaker 1: this is just the beginning, although I do fear it's

964
00:49:03,120 --> 00:49:05,080
Speaker 1: probably given that it took them this long just to

965
00:49:05,120 --> 00:49:07,920
Speaker 1: get here, probably not going to be any the harbinger

966
00:49:08,000 --> 00:49:12,040
Speaker 1: of anything more to come. Let's go ahead, move on

967
00:49:12,120 --> 00:49:14,279
Speaker 1: to the FTC again. Man. I love doing shows where

968
00:49:14,280 --> 00:49:16,840
Speaker 1: we actually get to talk about stuff which is interesting

969
00:49:17,080 --> 00:49:20,160
Speaker 1: and which is real moves and not just something stupid.

970
00:49:20,200 --> 00:49:21,920
Speaker 1: So let's put this up there on the screen. The

971
00:49:22,239 --> 00:49:27,480
Speaker 1: FTC is suing to block Facebook aka meta virtual reality

972
00:49:27,560 --> 00:49:29,880
Speaker 1: deal at it his confronting big tech. So it was

973
00:49:29,960 --> 00:49:32,440
Speaker 1: a three to two vote by the FTC, all of

974
00:49:32,440 --> 00:49:35,840
Speaker 1: the Democrats voting against all the Republicans voting for in

975
00:49:36,000 --> 00:49:39,759
Speaker 1: order to block the company. Sorry sorry, yeah, obviously right.

976
00:49:40,360 --> 00:49:43,919
Speaker 1: Democrats voted to block the deal. Republicans voted in favor

977
00:49:44,080 --> 00:49:46,879
Speaker 1: to keep the deal. Correct, So the company formerly known

978
00:49:46,920 --> 00:49:50,759
Speaker 1: as Facebook from buying this virtual reality company, which was

979
00:49:50,840 --> 00:49:54,080
Speaker 1: called Within now Within was one of those companies that

980
00:49:54,200 --> 00:49:56,840
Speaker 1: was going to operate within the Facebook metaverse and was

981
00:49:56,880 --> 00:49:59,560
Speaker 1: going to be incorporated in to try and use some

982
00:49:59,640 --> 00:50:03,320
Speaker 1: fitness and other applications for the VR headset, which was

983
00:50:03,400 --> 00:50:05,439
Speaker 1: formerly known as Oculus. I'm just going to keep calling

984
00:50:05,440 --> 00:50:08,080
Speaker 1: it Oculus, because I think Oculus is an awesome name.

985
00:50:08,200 --> 00:50:10,160
Speaker 1: But this is one of the first times that the

986
00:50:10,320 --> 00:50:14,239
Speaker 1: FTC in the Biden administration has actually sued in order

987
00:50:14,320 --> 00:50:17,640
Speaker 1: to prevent a merger by Facebook. Here's what they said.

988
00:50:18,920 --> 00:50:21,200
Speaker 1: Here's what they said. They said that by doing so,

989
00:50:21,480 --> 00:50:24,440
Speaker 1: they were trying to prevent a monopoly in the emerging

990
00:50:24,840 --> 00:50:29,840
Speaker 1: virtual space, which I think is really interesting because Meta

991
00:50:30,040 --> 00:50:34,040
Speaker 1: aka Facebook having changed their name and Zuckerberg going all in,

992
00:50:34,480 --> 00:50:38,440
Speaker 1: he very clearly sees the metaverse, the emerging metaverse, as

993
00:50:38,520 --> 00:50:41,440
Speaker 1: the sole building ground of Facebook. He's like, it's almost

994
00:50:41,560 --> 00:50:43,560
Speaker 1: like the Facebook product and all of that is going

995
00:50:43,600 --> 00:50:46,120
Speaker 1: to the wayside. And will just become tools inside of

996
00:50:46,200 --> 00:50:48,879
Speaker 1: this virtual space of which people are supposed to work, live,

997
00:50:49,160 --> 00:50:52,480
Speaker 1: you know, entertain except sounds terrible to me. Yes, that's

998
00:50:52,560 --> 00:50:55,360
Speaker 1: the world that they want. So by suing to prevent that,

999
00:50:55,960 --> 00:50:59,560
Speaker 1: they are saying, Okay, maybe that type of world will

1000
00:50:59,640 --> 00:51:02,480
Speaker 1: exist in the future, but if it is to exist,

1001
00:51:02,880 --> 00:51:06,560
Speaker 1: we don't want a single company to control all aspects

1002
00:51:06,600 --> 00:51:09,239
Speaker 1: of that experience. And so we'll all if you guys

1003
00:51:09,280 --> 00:51:11,719
Speaker 1: have ever watched like Ready Player, Want or anything, it's

1004
00:51:11,760 --> 00:51:13,719
Speaker 1: exactly the same thing, which is that you don't want

1005
00:51:13,760 --> 00:51:17,880
Speaker 1: it set up so that the company owns the device

1006
00:51:18,239 --> 00:51:20,640
Speaker 1: that you enter in through and then once you enter

1007
00:51:20,719 --> 00:51:22,719
Speaker 1: in the things that you buy and you use, you're

1008
00:51:22,719 --> 00:51:24,560
Speaker 1: also buying from the same company. You kind of want

1009
00:51:24,600 --> 00:51:27,160
Speaker 1: it to be almost like the Apple App Store, where okay,

1010
00:51:27,239 --> 00:51:29,359
Speaker 1: there's a device where you can enter the space, kind

1011
00:51:29,400 --> 00:51:31,000
Speaker 1: of like the Internet, and then once you're on the Internet,

1012
00:51:31,040 --> 00:51:33,680
Speaker 1: there's all these kinds of different services, different private companies

1013
00:51:33,880 --> 00:51:36,480
Speaker 1: and others that you could use. And so this is

1014
00:51:36,520 --> 00:51:39,320
Speaker 1: an interesting kind of flag by the US government to

1015
00:51:39,440 --> 00:51:43,279
Speaker 1: say in the smallest areas of tech development, because they're

1016
00:51:43,320 --> 00:51:45,960
Speaker 1: looking at this and they're saying, Okay, Facebook they're smart people.

1017
00:51:46,200 --> 00:51:48,200
Speaker 1: They think that this is going to be the future. Well,

1018
00:51:48,239 --> 00:51:49,920
Speaker 1: then we need to do what we didn't do with

1019
00:51:50,040 --> 00:51:52,839
Speaker 1: Instagram and social media and say we're going to set

1020
00:51:52,920 --> 00:51:55,359
Speaker 1: up the playing field from the very beginning to try

1021
00:51:55,440 --> 00:51:58,440
Speaker 1: and be independent and to allow small businesses to thrive. There.

1022
00:51:58,520 --> 00:52:01,360
Speaker 1: So very interesting move I think by the government. It

1023
00:52:01,400 --> 00:52:04,360
Speaker 1: absolutely is. And this is Lena Khan and the anti

1024
00:52:04,440 --> 00:52:08,120
Speaker 1: trust movement really flexing their muscles here because for a

1025
00:52:08,239 --> 00:52:13,240
Speaker 1: long time, you know, the way that antitrust law was applied,

1026
00:52:13,360 --> 00:52:15,680
Speaker 1: it was really scaled back so that you had these

1027
00:52:16,000 --> 00:52:20,600
Speaker 1: very narrow definitions of what constituted a monopoly. Almost nothing qualified,

1028
00:52:21,000 --> 00:52:24,360
Speaker 1: and so there were very few actions like this to

1029
00:52:24,560 --> 00:52:27,840
Speaker 1: prevent major acquisitions and mergers. And so the fact that

1030
00:52:27,880 --> 00:52:30,320
Speaker 1: they're saying you may not be a monopoly in this

1031
00:52:30,440 --> 00:52:34,000
Speaker 1: space today, but we see how this space is going,

1032
00:52:34,040 --> 00:52:36,320
Speaker 1: and we see where the direction this is heading in,

1033
00:52:36,480 --> 00:52:39,279
Speaker 1: and we're going to step in on the front end

1034
00:52:39,440 --> 00:52:42,600
Speaker 1: and make sure that a bedrock principle of this new

1035
00:52:42,680 --> 00:52:47,400
Speaker 1: space is free and open competition. That is really quite

1036
00:52:47,640 --> 00:52:50,000
Speaker 1: new in the modern era. I mean, it's really quite

1037
00:52:50,080 --> 00:52:53,160
Speaker 1: new period, and it does seek to learn from what

1038
00:52:53,280 --> 00:52:55,200
Speaker 1: is seen as previous mistakes and what I would agree

1039
00:52:55,200 --> 00:52:58,359
Speaker 1: with previous mistakes of not anticipating the direction that things

1040
00:52:58,400 --> 00:53:02,359
Speaker 1: are going in, like with Facebook's acquisition of Instagram, which

1041
00:53:02,360 --> 00:53:03,880
Speaker 1: correct me if I'm wrong, but I think that happened

1042
00:53:03,920 --> 00:53:06,640
Speaker 1: WHI Kamala Harris was Attorney General of California. A lot

1043
00:53:06,680 --> 00:53:09,319
Speaker 1: of those big deals, big tech deals that allow them

1044
00:53:09,400 --> 00:53:12,240
Speaker 1: to consolidate the space, happened while she was Attorney General

1045
00:53:12,360 --> 00:53:14,960
Speaker 1: of California. So I also want to give a lot

1046
00:53:15,000 --> 00:53:18,279
Speaker 1: of credit to I mean, this is a relatively new

1047
00:53:18,760 --> 00:53:22,280
Speaker 1: movement that has been extraordinarily effective and getting their people

1048
00:53:22,400 --> 00:53:26,320
Speaker 1: in places of power and then actually taking significant actions

1049
00:53:26,440 --> 00:53:30,200
Speaker 1: like this, landmark actions that could really change the way

1050
00:53:30,280 --> 00:53:34,000
Speaker 1: that we handle increasing corporate consolidation, which, as you know,

1051
00:53:34,160 --> 00:53:37,440
Speaker 1: I mean, this has huge implications for every facet of society,

1052
00:53:37,680 --> 00:53:40,360
Speaker 1: has implications. We're seeing it right now in terms of inflation.

1053
00:53:40,600 --> 00:53:42,920
Speaker 1: Part of why you have high inflation right now is

1054
00:53:43,000 --> 00:53:46,120
Speaker 1: because you have so much consolidation across industries. They know

1055
00:53:46,239 --> 00:53:48,879
Speaker 1: they can get away with charging you whatever you want,

1056
00:53:49,040 --> 00:53:51,880
Speaker 1: and there are very few competitors out there that you

1057
00:53:51,960 --> 00:53:54,719
Speaker 1: could ultimately go to. It has huge implications when it

1058
00:53:54,800 --> 00:53:57,200
Speaker 1: comes to labor as well, because again, if there's only

1059
00:53:57,360 --> 00:53:59,920
Speaker 1: one company in town that you can work for, then

1060
00:54:00,080 --> 00:54:01,680
Speaker 1: you don't have a lot of options and a lot

1061
00:54:01,719 --> 00:54:04,480
Speaker 1: of ability to use your sort of power of solidarity

1062
00:54:04,520 --> 00:54:07,240
Speaker 1: and collective action as a worker in order to achieve

1063
00:54:07,280 --> 00:54:11,719
Speaker 1: a better deal for yourself. At every level, monopolies have

1064
00:54:12,320 --> 00:54:15,120
Speaker 1: consolidated power in a way that is detrimental to society.

1065
00:54:15,160 --> 00:54:18,200
Speaker 1: And so this is a truly landmark move to try

1066
00:54:18,239 --> 00:54:21,800
Speaker 1: to anticipate what that sort of hellish dystopian future is

1067
00:54:21,880 --> 00:54:24,040
Speaker 1: going to look like and try to cut it off

1068
00:54:24,080 --> 00:54:26,200
Speaker 1: at the past. And this is a real crossroads for Facebook.

1069
00:54:26,239 --> 00:54:28,279
Speaker 1: Let's go ahead and skip ahead, guys to see five.

1070
00:54:28,400 --> 00:54:30,120
Speaker 1: Please go ahead and put this up there the Washington

1071
00:54:30,160 --> 00:54:33,000
Speaker 1: Post tearsheet. The reason that this matters is that Facebook

1072
00:54:33,040 --> 00:54:34,799
Speaker 1: right now is at a real crossroads. I mean, they

1073
00:54:34,840 --> 00:54:39,080
Speaker 1: are currently fearing working job cuts because there are major

1074
00:54:39,160 --> 00:54:42,440
Speaker 1: warnings from Mark Zuckerberg and other leaders who are saying, listen,

1075
00:54:42,800 --> 00:54:45,240
Speaker 1: we're in a time of struggle. We're betting the house

1076
00:54:45,400 --> 00:54:48,399
Speaker 1: on the metaverse, and if it doesn't work out, we're

1077
00:54:48,440 --> 00:54:50,560
Speaker 1: going to have some problems. And the core product is

1078
00:54:50,600 --> 00:54:52,920
Speaker 1: not necessarily going to be a guaran ter of your

1079
00:54:53,000 --> 00:54:56,960
Speaker 1: job prosperity in the future, and just like that. Another

1080
00:54:57,080 --> 00:55:00,040
Speaker 1: reason that this matters is that the FTC announcement it

1081
00:55:00,040 --> 00:55:03,880
Speaker 1: came on the very same day that Facebook was required

1082
00:55:03,920 --> 00:55:07,080
Speaker 1: to tell its earnings to Wall Street. This is something

1083
00:55:07,120 --> 00:55:10,320
Speaker 1: I talked about in Monday on my monologue, Lo and Behold,

1084
00:55:10,560 --> 00:55:12,920
Speaker 1: let's put this up there. For the first time in

1085
00:55:13,080 --> 00:55:16,360
Speaker 1: company history as a public company, Facebook has seen a

1086
00:55:16,520 --> 00:55:21,719
Speaker 1: quarterly revenue decline and the outlook for the next quarter

1087
00:55:22,120 --> 00:55:25,880
Speaker 1: is also not looking good. Revenue is shrinking dramatically at

1088
00:55:25,920 --> 00:55:28,319
Speaker 1: the company. Now, look, the company continues to print money

1089
00:55:28,560 --> 00:55:30,680
Speaker 1: like nobody's business, so it's not like they're going to

1090
00:55:30,760 --> 00:55:34,040
Speaker 1: go out anytime soon. Their revenue for the second quarter

1091
00:55:34,280 --> 00:55:36,920
Speaker 1: was twenty eight point eight two billion, down from twenty

1092
00:55:37,000 --> 00:55:40,160
Speaker 1: nine billion a year earlier, and the profit was still

1093
00:55:40,600 --> 00:55:44,759
Speaker 1: seven billion dollars. However, that's thirty six down, thirty six

1094
00:55:44,800 --> 00:55:47,160
Speaker 1: percent down from the previous year, so it's not like

1095
00:55:47,239 --> 00:55:50,200
Speaker 1: they still aren't printing money. However, they can see the

1096
00:55:50,239 --> 00:55:53,600
Speaker 1: writing on the wall. They're already under attack, really by TikTok.

1097
00:55:53,840 --> 00:55:55,719
Speaker 1: This explains for those of you. We have a whole

1098
00:55:55,719 --> 00:55:58,000
Speaker 1: segment coming out this weekend about how much we hate

1099
00:55:58,040 --> 00:56:01,800
Speaker 1: the new Instagram update. Well, maybe this explains it. Because

1100
00:56:02,000 --> 00:56:05,120
Speaker 1: they're seeing revenue decline, they're seeing engagement go down. They

1101
00:56:05,200 --> 00:56:07,400
Speaker 1: know the future is with teens. They know the teens

1102
00:56:07,520 --> 00:56:10,080
Speaker 1: are absolutely not using Instagram to the way that they

1103
00:56:10,120 --> 00:56:12,600
Speaker 1: are using TikTok. They're trying to force people in that

1104
00:56:12,760 --> 00:56:15,839
Speaker 1: direction and at the same time betting the future on VR.

1105
00:56:16,080 --> 00:56:19,200
Speaker 1: But if VR is allowed to be emerging as a

1106
00:56:20,200 --> 00:56:24,080
Speaker 1: more competitive space, then Facebook's initial acquisition of Instagram and

1107
00:56:24,120 --> 00:56:27,439
Speaker 1: all that it will blunt the Zuckerberg playbook and could

1108
00:56:27,719 --> 00:56:30,839
Speaker 1: put Facebook in a very precarious situation ten years from now.

1109
00:56:30,880 --> 00:56:32,880
Speaker 1: I don't want to say that it's going to just disappear,

1110
00:56:32,960 --> 00:56:35,560
Speaker 1: but who knows where they are in ten or fifteen years.

1111
00:56:35,719 --> 00:56:37,839
Speaker 1: So I think it's very interesting. And the idea here,

1112
00:56:38,360 --> 00:56:42,120
Speaker 1: the from Lena Khan and her allies is basically like, okay,

1113
00:56:42,320 --> 00:56:45,000
Speaker 1: compete in the space. Like if you want to be

1114
00:56:45,640 --> 00:56:47,640
Speaker 1: you know, that is your new thing. You're all in

1115
00:56:47,760 --> 00:56:51,160
Speaker 1: on this. Build some stuff at your own, Yeah, build

1116
00:56:51,239 --> 00:56:53,480
Speaker 1: some stuff on your own that's innovative and that people

1117
00:56:53,760 --> 00:56:56,800
Speaker 1: like you can't just because you have this massive, you know,

1118
00:56:57,160 --> 00:57:00,720
Speaker 1: market position, buy up everything good. That's sort of burgeoning

1119
00:57:00,800 --> 00:57:03,719
Speaker 1: in the space and come in as this behemoth. You

1120
00:57:03,960 --> 00:57:06,160
Speaker 1: have to be able to build it yourself. So I

1121
00:57:06,239 --> 00:57:09,000
Speaker 1: think that's really important. There's also a political point. We

1122
00:57:09,080 --> 00:57:12,560
Speaker 1: can put the third element here, C three up on

1123
00:57:12,640 --> 00:57:14,640
Speaker 1: the screen. This was, as we mentioned, a three to

1124
00:57:14,760 --> 00:57:17,000
Speaker 1: two vote, and this is from Matt Stoller. He says,

1125
00:57:17,040 --> 00:57:20,040
Speaker 1: the GOP talks a big game. This is about Zuckerberg

1126
00:57:20,120 --> 00:57:23,240
Speaker 1: being named go to the I think it's C three

1127
00:57:23,520 --> 00:57:26,000
Speaker 1: there it is. This was a three to two vote

1128
00:57:26,000 --> 00:57:28,320
Speaker 1: a C four. The GOP talks a big game about

1129
00:57:28,360 --> 00:57:31,040
Speaker 1: big tech, but when there's an actual Facebook merger on deck,

1130
00:57:31,360 --> 00:57:35,560
Speaker 1: the two Republican Commission commissioners voted to help Zuckerberg. Glenn

1131
00:57:35,600 --> 00:57:38,120
Speaker 1: Greenwald echoed that point, which I thought was really interesting.

1132
00:57:38,120 --> 00:57:40,320
Speaker 1: He says a lot of Republicans manipulate and deceive their

1133
00:57:40,400 --> 00:57:42,560
Speaker 1: voters by going on cable and ranting about big tech.

1134
00:57:42,880 --> 00:57:45,760
Speaker 1: They fundraise off ranting against big tech. But then when

1135
00:57:45,800 --> 00:57:48,480
Speaker 1: nobody's looking, when it counts, they act to protect big

1136
00:57:48,560 --> 00:57:51,160
Speaker 1: tech from any attempt to limit their massive power. So

1137
00:57:51,280 --> 00:57:53,480
Speaker 1: I thought that, I mean kind of undenial. Before this

1138
00:57:53,720 --> 00:57:57,120
Speaker 1: was a partisan vote. Democrats voted to, you know, take

1139
00:57:57,160 --> 00:57:59,760
Speaker 1: it to big tech. Meanwhile, Republicans are talking a lot

1140
00:57:59,760 --> 00:58:01,880
Speaker 1: of a big game on cable news, but there are

1141
00:58:02,000 --> 00:58:04,920
Speaker 1: people on their team voted in favor of Mark Zuckerberg. Here,

1142
00:58:05,000 --> 00:58:07,200
Speaker 1: you're absolutely right. All right, let's talk about Mane. Let's

1143
00:58:07,240 --> 00:58:11,480
Speaker 1: talk about Mansion. Well, this was a surprise. We actually

1144
00:58:12,600 --> 00:58:16,240
Speaker 1: might have a deal with Joe Manchin, and it's kind

1145
00:58:16,280 --> 00:58:20,440
Speaker 1: of significant. There's a fairly large, fairly large deal to

1146
00:58:20,520 --> 00:58:23,360
Speaker 1: be passing, you know, through reconciliation with just the fifty

1147
00:58:23,400 --> 00:58:26,160
Speaker 1: Democratic votes, assuming we can get everybody on board, and

1148
00:58:26,200 --> 00:58:27,479
Speaker 1: we'll get to that in a minute. Let's go ahead

1149
00:58:27,480 --> 00:58:29,560
Speaker 1: and throw this first piece up on the screen. This

1150
00:58:29,720 --> 00:58:34,520
Speaker 1: really came out of nowhere, they say. Manson announces support

1151
00:58:34,640 --> 00:58:39,600
Speaker 1: for the Inflation Reduction Act aka the Reconciliation Bill, formerly

1152
00:58:39,720 --> 00:58:42,640
Speaker 1: known as Build Back Better. His quote in this piece

1153
00:58:42,760 --> 00:58:45,840
Speaker 1: is build Back Better is dead, and instead we have

1154
00:58:45,920 --> 00:58:49,320
Speaker 1: the opportunity to make our country stronger by bringing Americans together,

1155
00:58:49,800 --> 00:58:51,880
Speaker 1: and he outlines a detail in the statement. I mean

1156
00:58:51,960 --> 00:58:54,600
Speaker 1: read through this statement. It's classic Mansion. He takes a

1157
00:58:54,640 --> 00:58:59,720
Speaker 1: lot of shots at Democrats and progressives and the Biden administration,

1158
00:59:00,120 --> 00:59:03,200
Speaker 1: makes it clear that his priority is dealing with inflation,

1159
00:59:03,520 --> 00:59:05,840
Speaker 1: and that he went through and made sure all of

1160
00:59:05,880 --> 00:59:08,960
Speaker 1: the pieces of this deal are ultimately going to combat inflation.

1161
00:59:09,200 --> 00:59:11,880
Speaker 1: And he does you know, some deficit hawk language here

1162
00:59:11,920 --> 00:59:14,080
Speaker 1: as well, which is part of this bill too. But

1163
00:59:14,840 --> 00:59:16,680
Speaker 1: and we're going to get into the details in a moment.

1164
00:59:16,960 --> 00:59:22,120
Speaker 1: You know, everybody really thought that this was all dead done, gone,

1165
00:59:22,480 --> 00:59:26,800
Speaker 1: that Mansion was not negotiating in anything approaching good faith,

1166
00:59:27,280 --> 00:59:30,600
Speaker 1: And now truly at the last minute, we have a

1167
00:59:30,880 --> 00:59:34,600
Speaker 1: possible fairly significant deal. So let's talk about what policies

1168
00:59:34,720 --> 00:59:36,680
Speaker 1: are in this from our friend Jeff steinover at the

1169
00:59:36,760 --> 00:59:40,280
Speaker 1: Washington Post. Among policies Mansion talks about in announcing deal

1170
00:59:40,320 --> 00:59:43,800
Speaker 1: with Schumer prescription drug reform. So this would be the

1171
00:59:43,960 --> 00:59:47,280
Speaker 1: Medicare drug pricing negotiation which Democrats have been running on

1172
00:59:47,320 --> 00:59:51,760
Speaker 1: for like decades now. Fifteen percent minimum tax on corporations

1173
00:59:52,240 --> 00:59:55,920
Speaker 1: who earn over a billion dollars, significant dollars for renewables

1174
00:59:55,960 --> 01:00:00,600
Speaker 1: including hydrogen, nuclear sager, fossil fuels, and energy storage. And

1175
01:00:00,640 --> 01:00:03,600
Speaker 1: then he says a separate deal to do permitting reform

1176
01:00:03,800 --> 01:00:05,960
Speaker 1: in the fall. Let me pause on that part for

1177
01:00:06,080 --> 01:00:07,840
Speaker 1: a minute. It's a kind of a side note, but

1178
01:00:08,480 --> 01:00:12,000
Speaker 1: one of the things that Mansion required in order to

1179
01:00:12,160 --> 01:00:15,280
Speaker 1: be involved in this deal is that the Biden administration

1180
01:00:15,400 --> 01:00:18,960
Speaker 1: is going to green light some new fossil fuel projects.

1181
01:00:19,160 --> 01:00:22,600
Speaker 1: That's when when they say permitting reform, that's what that means. Now,

1182
01:00:23,440 --> 01:00:25,120
Speaker 1: as we're learning the details of this, so we can

1183
01:00:25,160 --> 01:00:26,680
Speaker 1: go ahead and put this next piece up on the screen.

1184
01:00:26,760 --> 01:00:29,040
Speaker 1: This is more from Jeff Stein. Here are some of

1185
01:00:29,200 --> 01:00:33,720
Speaker 1: these specific dollar amounts. So in terms of raising revenue

1186
01:00:33,840 --> 01:00:36,720
Speaker 1: through tax hikes, you'd have about three hundred and thirteen

1187
01:00:36,800 --> 01:00:40,400
Speaker 1: billion on that fifteen percent corporate minimum tax, which again

1188
01:00:40,560 --> 01:00:43,960
Speaker 1: only applies to large corporations. You'd gain about two hundred

1189
01:00:44,000 --> 01:00:46,920
Speaker 1: and eighty eight billion through that prescription drug pricing reform.

1190
01:00:47,000 --> 01:00:49,520
Speaker 1: Medicare being able to negotiate something that is a complete

1191
01:00:49,600 --> 01:00:52,280
Speaker 1: no brainer. One hundred and twenty four billion on IRS

1192
01:00:52,480 --> 01:00:57,240
Speaker 1: tax enforcement, and fourteen billion on closing the carried interest

1193
01:00:57,360 --> 01:01:01,520
Speaker 1: loophole that benefits private equity goule. On the spending side,

1194
01:01:01,680 --> 01:01:04,320
Speaker 1: the big pieces are three hundred and sixty nine billion

1195
01:01:04,480 --> 01:01:07,640
Speaker 1: dollars for energy and for climate change, and sixty four

1196
01:01:07,720 --> 01:01:13,160
Speaker 1: billion on acaight extension. So overall, the analyzes that I've

1197
01:01:13,240 --> 01:01:16,560
Speaker 1: read have said that the spending on climate here, even

1198
01:01:16,560 --> 01:01:20,000
Speaker 1: though obviously it's not ideal to green light new fossil

1199
01:01:20,040 --> 01:01:22,960
Speaker 1: fuel projects. When you're focusing on just the climate. The

1200
01:01:23,040 --> 01:01:28,200
Speaker 1: spending here is goes way beyond the cut emissions, significantly,

1201
01:01:28,320 --> 01:01:30,440
Speaker 1: way beyond the increase that would be caused by this

1202
01:01:30,520 --> 01:01:32,360
Speaker 1: permitting reform that's going to happen. In Let me also

1203
01:01:32,400 --> 01:01:35,640
Speaker 1: tell you why I'm very happy with the look my credit.

1204
01:01:35,800 --> 01:01:40,240
Speaker 1: Joe Manchin. He specifically fought against the ideologues who tried

1205
01:01:40,320 --> 01:01:43,560
Speaker 1: to make this a non technology neutral tax credit, which

1206
01:01:43,640 --> 01:01:46,000
Speaker 1: means that the tax credit will be allowed to go

1207
01:01:46,160 --> 01:01:52,000
Speaker 1: to wind, solar, bio mass, and nuclear, which for the

1208
01:01:52,360 --> 01:01:56,600
Speaker 1: past we have specifically blocked nuclear and other power sources

1209
01:01:56,720 --> 01:01:58,760
Speaker 1: out of these tech credits. This is one of my

1210
01:01:58,840 --> 01:02:03,080
Speaker 1: biggest critiques of climate policy is they specifically subsidize solar

1211
01:02:03,160 --> 01:02:06,680
Speaker 1: and wind to the detriment of nuclear power. Now, with

1212
01:02:06,840 --> 01:02:09,840
Speaker 1: technology neutral, it all comes down to carbon emissions, baby,

1213
01:02:10,000 --> 01:02:11,720
Speaker 1: And with that one, I think that we all know,

1214
01:02:11,960 --> 01:02:15,520
Speaker 1: especially not only carbon, but in terms of good capacity.

1215
01:02:15,560 --> 01:02:17,240
Speaker 1: Of course, the devil's in the details, and if they

1216
01:02:17,320 --> 01:02:20,200
Speaker 1: do do this, spend this on boondoggle solar projects and

1217
01:02:20,240 --> 01:02:22,520
Speaker 1: win projects, I will be the first. But to have

1218
01:02:22,640 --> 01:02:24,280
Speaker 1: that written into a law is actually a big win

1219
01:02:24,360 --> 01:02:27,120
Speaker 1: for nuclear power proponents like myself. Let's go and put

1220
01:02:27,160 --> 01:02:29,040
Speaker 1: the next one up there on the screen from David Dan.

1221
01:02:29,400 --> 01:02:32,919
Speaker 1: This shows you again the specifics on the actual revenue rais,

1222
01:02:33,200 --> 01:02:34,680
Speaker 1: and let's spend a little bit of time here. The

1223
01:02:34,720 --> 01:02:37,800
Speaker 1: big inness revenue raiser is called the fifteen percent corporate

1224
01:02:37,840 --> 01:02:40,840
Speaker 1: minimum tax, called a book min tax. That tax is

1225
01:02:40,880 --> 01:02:43,240
Speaker 1: a very interesting one, has not really been talked a

1226
01:02:43,280 --> 01:02:46,440
Speaker 1: lot in Washington, and was originally a proposal by Senator

1227
01:02:46,480 --> 01:02:48,720
Speaker 1: Elizabeth Warren, which kind of came out of nowhere. The

1228
01:02:48,800 --> 01:02:51,680
Speaker 1: reason why is it doesn't piss off Joe Manchin, who

1229
01:02:51,760 --> 01:02:54,520
Speaker 1: is for raising corporate taxes. It also doesn't piss off

1230
01:02:54,600 --> 01:02:58,520
Speaker 1: corporate Christen Cinema, who is against raising individual taxes. So

1231
01:02:58,720 --> 01:03:01,240
Speaker 1: in that environment it's actual it's pretty hard to raise revenue.

1232
01:03:01,480 --> 01:03:04,880
Speaker 1: The way this would work is that many corporations technically

1233
01:03:04,960 --> 01:03:08,400
Speaker 1: do not pay any corporate taxes whatsoever. What they do

1234
01:03:08,600 --> 01:03:11,280
Speaker 1: is they use energy tax credits and other write offs

1235
01:03:11,360 --> 01:03:13,600
Speaker 1: in order to make sure that their corporate tax rate

1236
01:03:13,920 --> 01:03:16,080
Speaker 1: is often two percent. In some cases, they actually get

1237
01:03:16,080 --> 01:03:18,400
Speaker 1: paid money by the government. This would make it so

1238
01:03:18,560 --> 01:03:21,760
Speaker 1: that even if you have energy tax credits, even if

1239
01:03:21,800 --> 01:03:25,000
Speaker 1: you do so, you still have to pay fifteen percent

1240
01:03:25,360 --> 01:03:28,120
Speaker 1: corporate tax on that, and again this would only apply

1241
01:03:28,480 --> 01:03:31,560
Speaker 1: to corporations in the United States, and it does raise

1242
01:03:31,560 --> 01:03:34,360
Speaker 1: a pretty significant amount of money. The other way that

1243
01:03:34,400 --> 01:03:37,160
Speaker 1: it's quote unquote raising revenue is not really though, because

1244
01:03:37,160 --> 01:03:41,320
Speaker 1: it's more about savings, prescription drug pricing reform, IRS tax enforcements,

1245
01:03:41,320 --> 01:03:43,760
Speaker 1: something I'm massively in favor of. As we've talked about

1246
01:03:43,800 --> 01:03:46,840
Speaker 1: here before, you are three times more likely to get

1247
01:03:46,960 --> 01:03:49,640
Speaker 1: audited as a person who makes less than twenty five

1248
01:03:49,680 --> 01:03:52,600
Speaker 1: thousand dollars than you are if you are a billionaire.

1249
01:03:53,000 --> 01:03:55,440
Speaker 1: Don't tell me how that makes any sense. The current

1250
01:03:55,520 --> 01:03:59,919
Speaker 1: IRS mechanism is to go after poor people steal their money,

1251
01:04:00,240 --> 01:04:03,080
Speaker 1: and because it's so complicated to go after the super rich,

1252
01:04:03,320 --> 01:04:06,080
Speaker 1: they don't do anything. It's always been total and complete bullshit.

1253
01:04:06,320 --> 01:04:08,160
Speaker 1: And as long as they don't use this money to

1254
01:04:08,360 --> 01:04:11,120
Speaker 1: go after people's vendmoone transactions, I'll be in favor of it.

1255
01:04:11,280 --> 01:04:14,040
Speaker 1: The carried interest loophole also is just outrageous. I'm actually

1256
01:04:14,160 --> 01:04:16,760
Speaker 1: very suspect it will only raise fourteen billions, So I

1257
01:04:16,800 --> 01:04:19,479
Speaker 1: have some questions on the details on the investment side.

1258
01:04:19,680 --> 01:04:21,840
Speaker 1: As I said, listen, I mean as long as it's

1259
01:04:21,880 --> 01:04:24,200
Speaker 1: technology neutral. I really don't care. I think you should

1260
01:04:24,200 --> 01:04:26,440
Speaker 1: throw even more money at these things. And the Affordable

1261
01:04:26,520 --> 01:04:29,520
Speaker 1: Care Act extension credits as well. I mean, we're talking

1262
01:04:29,560 --> 01:04:32,640
Speaker 1: here about old people mostly. It's seniors who would have

1263
01:04:32,680 --> 01:04:35,280
Speaker 1: been hit with a massive increase in their era. And

1264
01:04:35,560 --> 01:04:38,160
Speaker 1: it was going to happen like for the election too.

1265
01:04:38,360 --> 01:04:41,640
Speaker 1: I mean, it was a moral catastrophe. It was also

1266
01:04:41,680 --> 01:04:45,520
Speaker 1: an electoral looming electoral catastrophe for the Democrat. So shows

1267
01:04:45,520 --> 01:04:47,600
Speaker 1: you they at least have like three brain cells to

1268
01:04:47,680 --> 01:04:50,320
Speaker 1: rub together to figure out that this was a bad idea.

1269
01:04:50,720 --> 01:04:53,760
Speaker 1: Moving forward, now, the carried interest loophole. This is something

1270
01:04:53,880 --> 01:04:56,400
Speaker 1: I believe Trump claimed he was going to close it.

1271
01:04:56,520 --> 01:04:58,440
Speaker 1: I mean, this is what we got against. It benefits

1272
01:04:58,760 --> 01:05:03,160
Speaker 1: just u private equity goul total giveaway in the tax

1273
01:05:03,280 --> 01:05:07,520
Speaker 1: code for a very small subset of very wealthy Americans. However,

1274
01:05:07,840 --> 01:05:10,880
Speaker 1: it does call into question whether Kirsen Cinema is going

1275
01:05:10,920 --> 01:05:12,480
Speaker 1: to sign on to this. And again, this has got

1276
01:05:12,520 --> 01:05:14,600
Speaker 1: to go through reconciliation. You have to get every single

1277
01:05:14,680 --> 01:05:17,640
Speaker 1: Democrat on board in order to accomplish this. She is

1278
01:05:17,720 --> 01:05:19,640
Speaker 1: said in the past that she does not want to

1279
01:05:19,840 --> 01:05:23,680
Speaker 1: close the carried interest loophole. So we'll see. And you know,

1280
01:05:23,880 --> 01:05:25,720
Speaker 1: since it is a small amount of the revenue, is

1281
01:05:25,800 --> 01:05:27,640
Speaker 1: that the thing that they toss aside to say, oh,

1282
01:05:27,720 --> 01:05:31,240
Speaker 1: we're negotiating and whatever very possible that the private equity

1283
01:05:31,280 --> 01:05:33,920
Speaker 1: goals ultimately keep their little good eye. Better me tell you, Christol,

1284
01:05:33,960 --> 01:05:35,920
Speaker 1: I don't think cinema is the biggest obstacle to this.

1285
01:05:36,200 --> 01:05:39,640
Speaker 1: It is going to be Josh Gottheimer and Bob Menendez

1286
01:05:39,640 --> 01:05:41,960
Speaker 1: who have already come out falt cot. I guess everybody

1287
01:05:42,040 --> 01:05:44,680
Speaker 1: what they are so pissed off about the salt tax.

1288
01:05:44,800 --> 01:05:48,120
Speaker 1: So basically, as we've really out before state and local deductions,

1289
01:05:48,160 --> 01:05:50,000
Speaker 1: it used to be that you could deduct all of

1290
01:05:50,040 --> 01:05:52,240
Speaker 1: the taxes that you paid in state and local taxes

1291
01:05:52,280 --> 01:05:56,440
Speaker 1: from your federal income tax burden. Now under the Trump administration,

1292
01:05:56,560 --> 01:05:59,040
Speaker 1: you were not able to do so, so they raised

1293
01:05:59,080 --> 01:06:01,280
Speaker 1: they put a cap on it, basically a ten thousand

1294
01:06:01,320 --> 01:06:04,280
Speaker 1: dollars Now removing the cap, which is what New Jersey

1295
01:06:04,560 --> 01:06:08,000
Speaker 1: and California and other high income tax states want, would

1296
01:06:08,120 --> 01:06:13,600
Speaker 1: effectively be a massive boon. Only again, only two millionaires

1297
01:06:13,720 --> 01:06:16,640
Speaker 1: and billionaires in the United States. Ninety percent of the

1298
01:06:16,720 --> 01:06:20,240
Speaker 1: benefit of lifting the salt cap goes to people who

1299
01:06:20,320 --> 01:06:24,320
Speaker 1: make over one million dollars per year. So it's kind

1300
01:06:24,320 --> 01:06:26,360
Speaker 1: of a hilarious thing that they are going to the

1301
01:06:26,480 --> 01:06:30,120
Speaker 1: mat right now to try and include the salt cap removal,

1302
01:06:30,320 --> 01:06:36,120
Speaker 1: and Mansion explicitly crashes them in his long statement that

1303
01:06:36,240 --> 01:06:38,160
Speaker 1: he wrote and says, you know, we're not going to

1304
01:06:38,200 --> 01:06:41,160
Speaker 1: do these tax cut giveaways red states and blue states

1305
01:06:41,200 --> 01:06:43,680
Speaker 1: in this way. So are they going to get on

1306
01:06:43,880 --> 01:06:46,959
Speaker 1: How hardcore are they? What would no salt, no deal?

1307
01:06:47,160 --> 01:06:50,680
Speaker 1: Will they take the deal over a multi millionaire tax giveaway?

1308
01:06:50,840 --> 01:06:53,320
Speaker 1: Let's see, Let's see, and then I'd love to see that.

1309
01:06:53,480 --> 01:06:55,720
Speaker 1: The other question is are you going to have you know,

1310
01:06:55,840 --> 01:06:58,560
Speaker 1: all the progressives on board? I think you likely are,

1311
01:06:59,160 --> 01:07:02,320
Speaker 1: because this is a much more significant deal than we

1312
01:07:02,440 --> 01:07:05,040
Speaker 1: hadn't even been following this closely anymore, guys, because frankly,

1313
01:07:05,080 --> 01:07:07,520
Speaker 1: it was just so pathetic. The negotiations were so far ustrated.

1314
01:07:07,520 --> 01:07:10,040
Speaker 1: There was nobody really thought this was going to ultimately

1315
01:07:10,080 --> 01:07:13,480
Speaker 1: come together. And what the deal had collapsed to is like,

1316
01:07:13,960 --> 01:07:16,440
Speaker 1: maybe we're going to do the ACA subsidies and the

1317
01:07:16,560 --> 01:07:19,680
Speaker 1: prescription drug pricing reform, and that was basically it. So

1318
01:07:19,840 --> 01:07:23,800
Speaker 1: the fact that now you're getting really significant money towards

1319
01:07:24,400 --> 01:07:29,360
Speaker 1: climate priorities and you know, hiking taxes on the rich

1320
01:07:29,400 --> 01:07:33,440
Speaker 1: in a significant way. I suspect the Congressional Progressive Caucus

1321
01:07:33,640 --> 01:07:35,840
Speaker 1: is going to get on board with this and be

1322
01:07:36,120 --> 01:07:39,800
Speaker 1: you know, uniform locksteps. So even if you have people

1323
01:07:39,920 --> 01:07:44,280
Speaker 1: like Gotttheimer who are want to vote you know, against it,

1324
01:07:44,800 --> 01:07:47,200
Speaker 1: you still have at least a few votes you could

1325
01:07:47,240 --> 01:07:49,960
Speaker 1: give away to the you know, idiots over on the

1326
01:07:50,080 --> 01:07:53,160
Speaker 1: Salt Caucus. But the politics of this are also very

1327
01:07:53,240 --> 01:07:56,040
Speaker 1: interesting and I have to say a very rare kind

1328
01:07:56,080 --> 01:08:00,360
Speaker 1: of a gangster move from Democrats here because they this

1329
01:08:00,520 --> 01:08:04,160
Speaker 1: thing so close to the vest I mean, and that

1330
01:08:04,320 --> 01:08:07,080
Speaker 1: it didn't leak that they were this far along in negotiations,

1331
01:08:07,120 --> 01:08:09,480
Speaker 1: and the reason why this matters go ahead. Put this

1332
01:08:09,640 --> 01:08:12,600
Speaker 1: last piece up on the screen D five McConnell and

1333
01:08:12,720 --> 01:08:16,120
Speaker 1: Republicans said they were not going to pass that CHIPSAC

1334
01:08:16,200 --> 01:08:19,160
Speaker 1: that we talked about if a reconciliation deal like this

1335
01:08:19,640 --> 01:08:24,240
Speaker 1: was still alive. So they passed chips and that very day,

1336
01:08:24,560 --> 01:08:30,080
Speaker 1: hours later, Democrats announced this deal. So they really were

1337
01:08:30,160 --> 01:08:33,000
Speaker 1: able to keep any of the details leaking out, keep

1338
01:08:33,040 --> 01:08:35,920
Speaker 1: the Republicans from getting suspicious at all. Because McConnell had

1339
01:08:35,960 --> 01:08:38,639
Speaker 1: said he's going to tank the Chips deal if Democrats

1340
01:08:38,680 --> 01:08:42,120
Speaker 1: are going to go forward with a reconciliation deal. And

1341
01:08:42,320 --> 01:08:45,360
Speaker 1: now you have Republicans because this thing, the chipsacks, still

1342
01:08:45,360 --> 01:08:48,000
Speaker 1: has to pass the House. So you have Republicans actually

1343
01:08:48,040 --> 01:08:52,439
Speaker 1: whipping against the Chips deal in the House now because

1344
01:08:52,439 --> 01:08:54,680
Speaker 1: they're pissed off about the reconciliation but which to me

1345
01:08:54,800 --> 01:08:57,160
Speaker 1: is really stupid. You either support the legislation or you don't.

1346
01:08:57,720 --> 01:08:59,880
Speaker 1: I don't get it. But that's their strategy is basically,

1347
01:09:00,160 --> 01:09:02,360
Speaker 1: we want to punish you for doing something that you

1348
01:09:02,439 --> 01:09:05,680
Speaker 1: know your voters find to be a priority. Anyway, I

1349
01:09:05,800 --> 01:09:07,960
Speaker 1: don't think that that's going to be successful in the House.

1350
01:09:08,040 --> 01:09:11,120
Speaker 1: But they are signaling their displeasure by doing that. And also,

1351
01:09:11,520 --> 01:09:15,200
Speaker 1: and this is really just horrendous and stupid and wrong,

1352
01:09:15,600 --> 01:09:19,599
Speaker 1: they're also trying to hold up the funding for sufferers

1353
01:09:19,760 --> 01:09:23,400
Speaker 1: from toxic burn pits. Is their other thing that they're

1354
01:09:23,439 --> 01:09:26,280
Speaker 1: doing to, you know, express their displeasure. They're going to

1355
01:09:26,280 --> 01:09:29,920
Speaker 1: make veterans suffer in order to express their displeasure over

1356
01:09:30,000 --> 01:09:32,639
Speaker 1: this deal with Mansion. Yeah. I think what's also really

1357
01:09:32,720 --> 01:09:34,800
Speaker 1: interesting about by the way, on the Chips Act I

1358
01:09:34,920 --> 01:09:37,479
Speaker 1: just checked, people are saying that the whip count. Basically

1359
01:09:37,520 --> 01:09:39,040
Speaker 1: twenty Republicans are still going to vote for it, so

1360
01:09:39,080 --> 01:09:40,840
Speaker 1: as very likely a pass. Even if people get it

1361
01:09:40,880 --> 01:09:43,000
Speaker 1: there do vote against it, We'll see, though it's possible

1362
01:09:43,040 --> 01:09:45,599
Speaker 1: that they turn this into a much bigger thing. Anyway,

1363
01:09:46,040 --> 01:09:49,160
Speaker 1: it's fascinating. Let's see how it plays out. I just

1364
01:09:49,240 --> 01:09:51,400
Speaker 1: want to do the caution. We're still a long way

1365
01:09:51,439 --> 01:09:54,439
Speaker 1: away from this thing becoming law. So in terms of

1366
01:09:54,520 --> 01:09:57,559
Speaker 1: what the next steps are. Number One, this still has

1367
01:09:57,680 --> 01:10:01,439
Speaker 1: to go through the parliamentarian They have to decide every

1368
01:10:01,520 --> 01:10:04,720
Speaker 1: single one on whether it's revenue neutral or not as

1369
01:10:04,800 --> 01:10:07,280
Speaker 1: and if it bounces out because otherwise it doesn't comport

1370
01:10:07,320 --> 01:10:11,799
Speaker 1: with the rules of reconciliation. Number two, the two parties

1371
01:10:12,080 --> 01:10:14,559
Speaker 1: have to go back and forth in like a quasi

1372
01:10:14,760 --> 01:10:17,439
Speaker 1: legal argument over every single piece of the bill. That

1373
01:10:17,520 --> 01:10:19,240
Speaker 1: takes a long time. Then we have to do that

1374
01:10:19,360 --> 01:10:21,479
Speaker 1: what they call the bird bath. Yeah it's called bird bath.

1375
01:10:21,560 --> 01:10:24,960
Speaker 1: Yeah yeah, I know. It's Welcome to Washington. What a town.

1376
01:10:25,400 --> 01:10:28,840
Speaker 1: Then we also have to do vote rama, which means

1377
01:10:28,920 --> 01:10:32,719
Speaker 1: that during a reconciliation process, Republicans and Democrats get hours

1378
01:10:32,760 --> 01:10:34,560
Speaker 1: and hours on the floor time and they try to

1379
01:10:34,600 --> 01:10:37,599
Speaker 1: add thousands of amendments to the bill, and they give

1380
01:10:37,720 --> 01:10:40,240
Speaker 1: speeches and it can take days and days and days,

1381
01:10:40,280 --> 01:10:42,519
Speaker 1: So we don't know when that process is going to start.

1382
01:10:42,560 --> 01:10:44,360
Speaker 1: And as we said, the Damn Bill is still not

1383
01:10:44,520 --> 01:10:47,240
Speaker 1: out as in Devil's and always in the details, it's

1384
01:10:47,320 --> 01:10:49,519
Speaker 1: in the text. There are still many things that could

1385
01:10:49,560 --> 01:10:52,640
Speaker 1: be thrown at this, and it's still I personally think

1386
01:10:52,680 --> 01:10:54,840
Speaker 1: in what maybe seventy percent chances it becomes law. So

1387
01:10:55,000 --> 01:10:56,960
Speaker 1: that's actually not that high if you consider it. Yeah,

1388
01:10:57,080 --> 01:10:59,280
Speaker 1: if you consider it, there are still many ways they

1389
01:10:59,320 --> 01:11:01,680
Speaker 1: could screw this just have no doubt about it, or

1390
01:11:01,680 --> 01:11:04,080
Speaker 1: that Mansion could suddenly once again be like, oh no,

1391
01:11:04,240 --> 01:11:05,680
Speaker 1: but now I don't like this part of it that

1392
01:11:05,760 --> 01:11:07,600
Speaker 1: you wrote into it, or Cures and Cinema could be

1393
01:11:07,960 --> 01:11:10,720
Speaker 1: you know, play the spoiler this time. Who knows, Josh Gotttheimer.

1394
01:11:10,840 --> 01:11:13,560
Speaker 1: There's still a lot of obstacles to cross here. But

1395
01:11:14,680 --> 01:11:19,640
Speaker 1: because this came from Mansion explicitly and wasn't like, you know,

1396
01:11:19,960 --> 01:11:22,560
Speaker 1: Biden Schumer bringing something to Mansion and say hey do

1397
01:11:22,640 --> 01:11:24,240
Speaker 1: you like it? And what do you think? That it

1398
01:11:24,360 --> 01:11:26,640
Speaker 1: came directly from Mansion, I think is giving people a

1399
01:11:26,680 --> 01:11:29,840
Speaker 1: little bit more confidence that it may actually come to

1400
01:11:29,920 --> 01:11:32,680
Speaker 1: pass and you know, on the theme of like democrats

1401
01:11:32,720 --> 01:11:35,760
Speaker 1: actually doing a few things here. Shockingly, they also the

1402
01:11:35,800 --> 01:11:38,200
Speaker 1: house Stems are also preparing to pass a stock band

1403
01:11:39,360 --> 01:11:43,639
Speaker 1: that includes members they can't hold or trade stock, which

1404
01:11:43,720 --> 01:11:48,200
Speaker 1: is quite I mean that's awesome. Members, their spouses and

1405
01:11:48,520 --> 01:11:53,759
Speaker 1: top eights. So something lit a fire under their ass. Again, listen,

1406
01:11:54,040 --> 01:11:56,280
Speaker 1: is it everything that I would know? Are they at

1407
01:11:56,439 --> 01:12:00,560
Speaker 1: least doing something and trying to deliver for people in

1408
01:12:00,760 --> 01:12:04,559
Speaker 1: some way and thinking strategically about the future of the country. Yeah,

1409
01:12:04,640 --> 01:12:06,960
Speaker 1: they're actually dipping their toe in those waters, and it's

1410
01:12:07,000 --> 01:12:09,920
Speaker 1: pretty shocking to behold. Yeah, I don't disagree. Like I said,

1411
01:12:09,960 --> 01:12:12,439
Speaker 1: a massive victory to get technology neutral and to not

1412
01:12:12,600 --> 01:12:15,439
Speaker 1: you know, try and close down anything on gas in

1413
01:12:15,479 --> 01:12:17,559
Speaker 1: the middle of a gas rises. I mean, it's I'm

1414
01:12:17,600 --> 01:12:20,679
Speaker 1: amazed that they actually were able to get this. Okay,

1415
01:12:21,000 --> 01:12:23,280
Speaker 1: fun block, We're been waiting for this one. Let's go

1416
01:12:23,360 --> 01:12:26,760
Speaker 1: ahead and put this on the screen. Samantha Be the

1417
01:12:26,880 --> 01:12:30,120
Speaker 1: television host Samantha Bee, revealed on Monday that her series

1418
01:12:30,240 --> 01:12:33,800
Speaker 1: Full Frontal with Samantha Bee will not move forward with

1419
01:12:33,960 --> 01:12:37,560
Speaker 1: the TBS network now. Just for context, Full Frontal with

1420
01:12:37,600 --> 01:12:41,920
Speaker 1: Samantha Bee was consistently the lowest rated, again, lowest of

1421
01:12:42,200 --> 01:12:45,479
Speaker 1: all of the late night shows. I'm amazed that anybody

1422
01:12:45,560 --> 01:12:48,920
Speaker 1: still watches Late Night personally, And you know, Crystal, you

1423
01:12:49,360 --> 01:12:50,840
Speaker 1: had a lot to say on this. I'll just say

1424
01:12:50,920 --> 01:12:54,439
Speaker 1: my piece. Yeah. I was always very sad on what

1425
01:12:54,560 --> 01:12:56,479
Speaker 1: happened with Full Front with Samantha be because I actually

1426
01:12:56,520 --> 01:12:58,000
Speaker 1: thought she was really funny when she was on with

1427
01:12:58,320 --> 01:13:00,839
Speaker 1: John Stewart. Yeah, she was a you know, she was commedian.

1428
01:13:00,880 --> 01:13:02,840
Speaker 1: She would often poke. Yeah, she was clearly like a

1429
01:13:02,880 --> 01:13:05,080
Speaker 1: liberal and a Democrat. But I thought that she was

1430
01:13:05,160 --> 01:13:08,599
Speaker 1: biting and sarcastic in a hilarious way. But she became

1431
01:13:08,760 --> 01:13:14,280
Speaker 1: a complete partisan, like almost like a crude Sheryl Sandberg

1432
01:13:14,479 --> 01:13:17,919
Speaker 1: leaning feminist, which is like the worst of all comedy

1433
01:13:18,120 --> 01:13:21,840
Speaker 1: and feminism that was put together. It showed always in

1434
01:13:21,960 --> 01:13:24,759
Speaker 1: the ratings, and I'm not going to miss the show whatsoever.

1435
01:13:25,040 --> 01:13:28,519
Speaker 1: I think it was always terrible to the extent that

1436
01:13:28,600 --> 01:13:32,160
Speaker 1: she ever made headlines. It was like by calling Ivanka Trump,

1437
01:13:32,600 --> 01:13:35,120
Speaker 1: if you recall, yeah, the C word I was. I

1438
01:13:35,200 --> 01:13:37,439
Speaker 1: was like, what do we say for that one? By

1439
01:13:37,520 --> 01:13:39,600
Speaker 1: calling and I was like, wow, so edgy, you know,

1440
01:13:40,040 --> 01:13:43,160
Speaker 1: on television And basically since that time, she hasn't really

1441
01:13:43,240 --> 01:13:47,200
Speaker 1: made news for Oh no, she did falsely accuse somebody

1442
01:13:47,200 --> 01:13:50,519
Speaker 1: who had cancer of being a neo Nazi, but again

1443
01:13:50,600 --> 01:13:53,240
Speaker 1: that was like twenty and seventeen. So I've always viewed

1444
01:13:53,240 --> 01:13:55,240
Speaker 1: her decline as actually deeply sad because I thought she

1445
01:13:55,280 --> 01:13:58,200
Speaker 1: actually used to be funny. Her husband was hilariously funny. Yeah,

1446
01:13:58,400 --> 01:14:01,720
Speaker 1: so anyway, no tear shed for Samantha Bee. I thought

1447
01:14:01,720 --> 01:14:04,240
Speaker 1: about doing a monologue on this because I was thinking about,

1448
01:14:04,320 --> 01:14:08,120
Speaker 1: like her show launched in twenty sixteen, the expectation was

1449
01:14:08,200 --> 01:14:11,479
Speaker 1: You're gonna have Hillary Clinton as president, and you know,

1450
01:14:11,640 --> 01:14:14,759
Speaker 1: it came at the time of this very like girl

1451
01:14:14,960 --> 01:14:19,360
Speaker 1: Boss leaning feminism moment, and then it lands and it's

1452
01:14:19,479 --> 01:14:23,040
Speaker 1: kind of she I think it had maybe some early success,

1453
01:14:23,040 --> 01:14:25,920
Speaker 1: although I'm not even really sure about that, certainly enough

1454
01:14:25,960 --> 01:14:28,280
Speaker 1: for them to keep her around for seven years, but

1455
01:14:28,520 --> 01:14:31,280
Speaker 1: that moment in feminism has really sort of passed. So

1456
01:14:31,280 --> 01:14:32,479
Speaker 1: I was going to do a whole thing on that,

1457
01:14:32,720 --> 01:14:35,080
Speaker 1: But then honestly, I went and I watched some of

1458
01:14:35,120 --> 01:14:37,840
Speaker 1: the show, and I was like, the truth is this

1459
01:14:38,000 --> 01:14:40,320
Speaker 1: just not a good show, Like there's just nothing more

1460
01:14:40,360 --> 01:14:44,519
Speaker 1: to say about it than it's not funny. It's it's

1461
01:14:44,720 --> 01:14:50,200
Speaker 1: it's genuinely like anti funny. It's very preachy. It's that

1462
01:14:50,360 --> 01:14:56,120
Speaker 1: thing of trying to be the kind of most aggressive

1463
01:14:56,479 --> 01:14:59,840
Speaker 1: MSNBC commentator but then throw in a like snarky as

1464
01:15:00,040 --> 01:15:03,080
Speaker 1: every once in a while and call it comedy. It's

1465
01:15:03,120 --> 01:15:06,439
Speaker 1: just not a good show. So I ultimately was like,

1466
01:15:06,520 --> 01:15:08,240
Speaker 1: I don't really want to write a whole monologue about

1467
01:15:08,280 --> 01:15:10,280
Speaker 1: this because I don't think there's anything really deeper to

1468
01:15:10,360 --> 01:15:13,280
Speaker 1: say than it wasn't funny and people didn't want to

1469
01:15:13,280 --> 01:15:15,680
Speaker 1: watch it. That's the bottom line. I mean, it was

1470
01:15:16,320 --> 01:15:17,960
Speaker 1: and I think this is this is the case we've

1471
01:15:17,960 --> 01:15:20,599
Speaker 1: been talking about, like Keith Olberman, you know, a lot

1472
01:15:20,640 --> 01:15:23,000
Speaker 1: of late night decline, the cable news decline, et cetera.

1473
01:15:23,640 --> 01:15:27,120
Speaker 1: It's really just as simple as it's really predictable. You

1474
01:15:27,240 --> 01:15:29,759
Speaker 1: all are saying the same thing about the same topics.

1475
01:15:29,880 --> 01:15:31,519
Speaker 1: We know exactly where you're going to go and what

1476
01:15:31,640 --> 01:15:34,160
Speaker 1: your take on it is going to be. I was

1477
01:15:34,200 --> 01:15:37,080
Speaker 1: thinking about, you know, John Stewart, who I think is

1478
01:15:37,160 --> 01:15:39,400
Speaker 1: still can be really funny, Like some of his best

1479
01:15:39,439 --> 01:15:41,639
Speaker 1: moments were when he was tearing apart the like sort

1480
01:15:41,640 --> 01:15:45,479
Speaker 1: of liberal consensus on like lab leak versus yeah, versus

1481
01:15:45,600 --> 01:15:47,640
Speaker 1: the zoonotic origin, and I mean that was like a

1482
01:15:47,760 --> 01:15:51,120
Speaker 1: hilarious bit where again he's going somewhere that is uncomfortable.

1483
01:15:51,520 --> 01:15:56,240
Speaker 1: That's what makes comedy interesting. And I also think that

1484
01:15:56,280 --> 01:15:59,000
Speaker 1: there's something to be said with it. Had if you're

1485
01:15:59,000 --> 01:16:01,720
Speaker 1: going to be a comedy show, the funny has to

1486
01:16:01,840 --> 01:16:04,439
Speaker 1: come first, and then if you're able to make like

1487
01:16:04,680 --> 01:16:07,880
Speaker 1: your political points around that, but the humor is there

1488
01:16:08,080 --> 01:16:11,960
Speaker 1: and solid first. She clearly the lost the threat on that.

1489
01:16:12,040 --> 01:16:13,840
Speaker 1: I think the same thing happened to John Oliver Ice

1490
01:16:14,080 --> 01:16:16,400
Speaker 1: love that guy's show back in twenty fifteen, because he

1491
01:16:16,479 --> 01:16:18,680
Speaker 1: was funny first and he would do subsence, and then

1492
01:16:18,760 --> 01:16:21,439
Speaker 1: Trump happened and then it was like Makecdonald drump again.

1493
01:16:21,520 --> 01:16:23,439
Speaker 1: And I was like, oh my god. You know what

1494
01:16:23,640 --> 01:16:26,639
Speaker 1: he does better than Samantha Bee is he has these

1495
01:16:26,800 --> 01:16:31,280
Speaker 1: like he hired investigative reporters, so he'll do actually really

1496
01:16:31,360 --> 01:16:34,800
Speaker 1: good reporting. I honestly wish he would the comedy part

1497
01:16:34,840 --> 01:16:37,160
Speaker 1: of it's not funny, like just put it. Just do

1498
01:16:37,520 --> 01:16:39,280
Speaker 1: like if you want to do a news show, do

1499
01:16:39,439 --> 01:16:41,400
Speaker 1: that and do it well, so at least he adds

1500
01:16:41,439 --> 01:16:43,400
Speaker 1: something to the conversation, like he did a deep dive

1501
01:16:43,479 --> 01:16:46,920
Speaker 1: on private equity buying up trailer home community, trailer park

1502
01:16:46,920 --> 01:16:50,160
Speaker 1: communities and stuff like that. But yeah, it's not funny,

1503
01:16:50,240 --> 01:16:52,759
Speaker 1: but at least he adds something sometimes to the conversation.

1504
01:16:52,920 --> 01:16:59,400
Speaker 1: This was just sad, like we said, what are you

1505
01:16:59,400 --> 01:17:01,960
Speaker 1: looking at? Well, something COVID taught all of us for

1506
01:17:02,000 --> 01:17:04,320
Speaker 1: a generation is to be hyper attuned to the risk

1507
01:17:04,439 --> 01:17:06,760
Speaker 1: of a pandemic. Given that the United States and the

1508
01:17:06,800 --> 01:17:08,960
Speaker 1: world really did not suffer a bad one for nearly

1509
01:17:09,000 --> 01:17:11,880
Speaker 1: one hundred years, a lot of institutional knowledge and even

1510
01:17:12,000 --> 01:17:15,000
Speaker 1: fear around such an event was lost. Obviously we all

1511
01:17:15,040 --> 01:17:17,320
Speaker 1: paid a big price for that when COVID came, where

1512
01:17:17,360 --> 01:17:20,519
Speaker 1: the policies enacted clearly reflected more the politics of the

1513
01:17:20,640 --> 01:17:24,719
Speaker 1: time and political idiocy than any plan based in science.

1514
01:17:25,080 --> 01:17:27,400
Speaker 1: It's been two years now, obviously, so you would think

1515
01:17:27,439 --> 01:17:29,240
Speaker 1: that with that lesson so fresh in our mind, that

1516
01:17:29,280 --> 01:17:32,240
Speaker 1: would be better. And yet all current evidence regarding the

1517
01:17:32,320 --> 01:17:35,400
Speaker 1: latest so called public health emergency indicates that in fact,

1518
01:17:35,479 --> 01:17:38,439
Speaker 1: our political leadership in our public health establishment has become

1519
01:17:38,760 --> 01:17:41,880
Speaker 1: more captured by woke politics in absence of science than

1520
01:17:41,960 --> 01:17:45,160
Speaker 1: anything else. I'm writing, of course, about monkey pox, a

1521
01:17:45,240 --> 01:17:47,320
Speaker 1: disease which you can be forgiven for not knowing that

1522
01:17:47,479 --> 01:17:49,600
Speaker 1: much about, given that the way that the media has

1523
01:17:49,680 --> 01:17:52,280
Speaker 1: covered it, and can also be forgiven for being dramatically

1524
01:17:52,320 --> 01:17:55,080
Speaker 1: alarmed about since the World Health Organization, for the first

1525
01:17:55,120 --> 01:17:58,479
Speaker 1: time since COVID, has declared officially this week a global

1526
01:17:58,560 --> 01:18:02,040
Speaker 1: public health emergency. First of all, let's start with the facts.

1527
01:18:02,320 --> 01:18:04,960
Speaker 1: What is monkey pox? It is a virus in the

1528
01:18:05,000 --> 01:18:09,080
Speaker 1: same family as smallpox, with familiar symptoms but somewhat more mild.

1529
01:18:09,320 --> 01:18:11,880
Speaker 1: It is rarely fatal, but illness normally lasts two to

1530
01:18:11,960 --> 01:18:15,040
Speaker 1: four weeks, and it is very unpleasant to get. So far,

1531
01:18:15,240 --> 01:18:18,519
Speaker 1: with fourteen thousand recorded cases across the globe, only five

1532
01:18:18,600 --> 01:18:21,479
Speaker 1: debts are tributal to a monkey pox. How does it spread?

1533
01:18:21,800 --> 01:18:24,439
Speaker 1: Here's where the world politics comes in so far. In

1534
01:18:24,479 --> 01:18:27,280
Speaker 1: the latest study detailed study of five hundred cases that

1535
01:18:27,400 --> 01:18:31,439
Speaker 1: had developed outside of Africa, ninety eight percent occurred amongst

1536
01:18:31,560 --> 01:18:34,479
Speaker 1: men who had sex with other men. In those cases,

1537
01:18:34,760 --> 01:18:38,360
Speaker 1: ninety five percent of them had transmission route positively identified

1538
01:18:38,360 --> 01:18:41,200
Speaker 1: as sexual contact. And apparently what I just said is

1539
01:18:41,240 --> 01:18:44,960
Speaker 1: deeply controversial, with so called activist groups saying that and

1540
01:18:45,120 --> 01:18:48,439
Speaker 1: merely acknowledging this basic fact. They say is homophobic and

1541
01:18:48,520 --> 01:18:51,439
Speaker 1: it targets gay people for discrimination. Just so you don't

1542
01:18:51,439 --> 01:18:54,040
Speaker 1: think that I'm exaggerating on the CDC website that I

1543
01:18:54,160 --> 01:18:56,960
Speaker 1: just showed you, there is not one single acknowledgment of

1544
01:18:57,120 --> 01:18:59,320
Speaker 1: this fact. It does not once mention the type of

1545
01:18:59,360 --> 01:19:02,000
Speaker 1: sexual trans mission through which monkey pox is occurring. And

1546
01:19:02,120 --> 01:19:04,439
Speaker 1: because it's twenty twenty two, let me state this clearly.

1547
01:19:04,720 --> 01:19:06,320
Speaker 1: If you're a man who has sex with other men,

1548
01:19:06,640 --> 01:19:10,000
Speaker 1: you do you. I do not care. However, in my opinion,

1549
01:19:10,320 --> 01:19:13,920
Speaker 1: obfuscating that fact from you that you are much more

1550
01:19:13,920 --> 01:19:17,080
Speaker 1: at risk of a highly infectious smallpox variant is deeply

1551
01:19:17,160 --> 01:19:20,040
Speaker 1: insulting to you. It is also deeply insulting to the

1552
01:19:20,120 --> 01:19:22,920
Speaker 1: American public who are trying to get this information but

1553
01:19:23,080 --> 01:19:26,120
Speaker 1: cannot from official sources nor in the media. It's not

1554
01:19:26,280 --> 01:19:29,280
Speaker 1: just me who is saying this. Actual virologists and even

1555
01:19:29,400 --> 01:19:33,479
Speaker 1: gay activists are outraged by the current messaging. Benjamin Ryan,

1556
01:19:33,520 --> 01:19:37,719
Speaker 1: who himself is an LGBTQ health journalist and a member

1557
01:19:37,840 --> 01:19:40,439
Speaker 1: of the gay community, writes this in the Washington Post.

1558
01:19:41,240 --> 01:19:44,360
Speaker 1: The current CDC message and those by public health authorities,

1559
01:19:44,560 --> 01:19:48,120
Speaker 1: including the media, saying anyone can get monkey pox is

1560
01:19:48,280 --> 01:19:53,280
Speaker 1: so egregiously misleading it amounts to misinformation, he continues quote

1561
01:19:53,520 --> 01:19:57,439
Speaker 1: by reducing monkey POC's risk to a simplistic binary equation,

1562
01:19:57,800 --> 01:20:01,920
Speaker 1: public health leaders are prioritizing stigma over their duty to

1563
01:20:02,040 --> 01:20:05,280
Speaker 1: directly inform the public about true contours and drivers of

1564
01:20:05,360 --> 01:20:09,200
Speaker 1: this global outbreak. Ryan breaks down the overwhelming current amount

1565
01:20:09,200 --> 01:20:12,000
Speaker 1: of data which demonstrates worldwide and here at home, that

1566
01:20:12,160 --> 01:20:15,120
Speaker 1: nearly all monkey pox cases have occurred currently between men

1567
01:20:15,160 --> 01:20:17,400
Speaker 1: who have sex with other men. But he also notes

1568
01:20:17,560 --> 01:20:21,280
Speaker 1: that state and local health departments are currently not collecting

1569
01:20:21,439 --> 01:20:25,080
Speaker 1: vital demographic data about people diagnosed with monkeypox in the

1570
01:20:25,200 --> 01:20:28,479
Speaker 1: United States, specifically because they are afraid of being labeled

1571
01:20:28,479 --> 01:20:31,560
Speaker 1: as homophobic. In fact, one of the reasons that we

1572
01:20:31,680 --> 01:20:34,559
Speaker 1: even have any good data at all on monkey pox

1573
01:20:34,920 --> 01:20:38,160
Speaker 1: is because in other countries, their brains are not as

1574
01:20:38,280 --> 01:20:42,920
Speaker 1: rodded by woke politics. Britain keeps robust data on transmission

1575
01:20:42,960 --> 01:20:45,880
Speaker 1: and demography of monkeypox's patients, and their data has been

1576
01:20:45,920 --> 01:20:50,719
Speaker 1: a godsend for those who actually care about stopping this disease. Again,

1577
01:20:50,880 --> 01:20:53,960
Speaker 1: I reiterate a line from Ryan's op ed, public health

1578
01:20:54,040 --> 01:20:57,439
Speaker 1: officials cannot be expected to police the public's reaction to

1579
01:20:57,520 --> 01:21:01,559
Speaker 1: epidemiological facts. Gay men deserve to hear the unvarnished truth

1580
01:21:01,800 --> 01:21:05,680
Speaker 1: about monkey pocks so we can take action accordingly. We

1581
01:21:05,880 --> 01:21:10,000
Speaker 1: are adults, Please be honest with us. I agree. Equality

1582
01:21:10,080 --> 01:21:13,160
Speaker 1: to me means treating everybody equally. The idea that public

1583
01:21:13,200 --> 01:21:16,120
Speaker 1: cannot be told the truth about monkey pox transmission because

1584
01:21:16,160 --> 01:21:19,760
Speaker 1: it might make them homophobic, is in fact homophobic. Do

1585
01:21:19,920 --> 01:21:22,840
Speaker 1: they really think that people are such children? That's immediately

1586
01:21:22,920 --> 01:21:25,599
Speaker 1: what they're going to jump to. Furthermore, as Ryan writes,

1587
01:21:25,880 --> 01:21:28,840
Speaker 1: this is deeply infantilizing to gay men. We just went

1588
01:21:28,920 --> 01:21:32,160
Speaker 1: through an entire pandemic. All citizens were asked to make

1589
01:21:32,200 --> 01:21:35,439
Speaker 1: behavioral changes. People stayed at home, children were pulled out

1590
01:21:35,479 --> 01:21:38,479
Speaker 1: of school. Every American was told at one point to

1591
01:21:38,600 --> 01:21:41,760
Speaker 1: wear a mask when leaving their house. Yet now when

1592
01:21:41,800 --> 01:21:45,040
Speaker 1: it comes to monkey pocks, it is somehow homophobic to say, hey,

1593
01:21:45,120 --> 01:21:47,600
Speaker 1: gay men, there is a disease that is spreading amongst you.

1594
01:21:47,840 --> 01:21:51,040
Speaker 1: To avoid getting it, be mindful when selecting sexual partners

1595
01:21:51,240 --> 01:21:54,200
Speaker 1: if you do, wear a condom to prevent transmission. Yet

1596
01:21:54,520 --> 01:21:57,439
Speaker 1: that is exactly what public health authorities refuse to say.

1597
01:21:57,880 --> 01:21:59,840
Speaker 1: In fact, the New York Times reports that when an

1598
01:21:59,880 --> 01:22:03,400
Speaker 1: epidemiologists wanted to advise gay men to reduce the number

1599
01:22:03,439 --> 01:22:06,560
Speaker 1: of sexual partners in New York State. Temporarily, he was

1600
01:22:06,640 --> 01:22:09,280
Speaker 1: shut down by his own department, who set in a

1601
01:22:09,320 --> 01:22:13,320
Speaker 1: statement that it was homophobic to dissect gay men's sex lives.

1602
01:22:14,040 --> 01:22:16,679
Speaker 1: In fact, in the days since, they've rejected this sound

1603
01:22:16,720 --> 01:22:19,200
Speaker 1: medical advice for the public. Here's what New York City

1604
01:22:19,240 --> 01:22:22,519
Speaker 1: authorities are now focusing on. They want the WHO to

1605
01:22:22,720 --> 01:22:25,759
Speaker 1: change the name of monkey pox because quote of growing

1606
01:22:25,840 --> 01:22:29,400
Speaker 1: concern for the potentially stigmatizing effects that the messaging around

1607
01:22:29,479 --> 01:22:33,200
Speaker 1: monkey pocks can have on vulnerable communities. For God's sake,

1608
01:22:33,720 --> 01:22:36,720
Speaker 1: what about the people who are getting sick? Isn't that

1609
01:22:36,800 --> 01:22:39,880
Speaker 1: what we should all care about? This is insanity. It

1610
01:22:40,000 --> 01:22:42,679
Speaker 1: reminds me of when people said we shouldn't vaccinate old

1611
01:22:42,720 --> 01:22:47,040
Speaker 1: people first for COVID because they're disproportionately more white. Unfortunately,

1612
01:22:47,320 --> 01:22:50,599
Speaker 1: the so called gay advocacy organizations aren't helping anyone. As

1613
01:22:50,720 --> 01:22:53,040
Speaker 1: Josh Barrow, who himself as a gay man, points out

1614
01:22:53,360 --> 01:22:56,839
Speaker 1: glad the Gay and Lesbian Alliance Against Defamation is releasing

1615
01:22:56,920 --> 01:23:00,559
Speaker 1: guidance for reporters, encouraging them to lie and not say

1616
01:23:00,840 --> 01:23:03,040
Speaker 1: that men who have sex with other men are most

1617
01:23:03,160 --> 01:23:06,559
Speaker 1: likely to contract this disease. In fact, they incorrectly state

1618
01:23:06,640 --> 01:23:09,720
Speaker 1: in their guidance that quote a person's sexual orientation or

1619
01:23:09,800 --> 01:23:13,320
Speaker 1: gender identity does not put them at higher risk of infection.

1620
01:23:13,760 --> 01:23:17,439
Speaker 1: And that is a supposed gay advocacy group. Once again,

1621
01:23:17,800 --> 01:23:20,360
Speaker 1: that is a disservice. Let me tell you this, If

1622
01:23:20,400 --> 01:23:22,320
Speaker 1: I was a gay man, I sure as hell would

1623
01:23:22,320 --> 01:23:25,880
Speaker 1: want to know what the facts were. Acknowledging biological truths

1624
01:23:25,960 --> 01:23:29,639
Speaker 1: around disease is not homophobic, nor is it racist. Everyone

1625
01:23:29,760 --> 01:23:32,439
Speaker 1: knows black people are more susceptible to sickle cell That's

1626
01:23:32,479 --> 01:23:35,360
Speaker 1: not racist. Tasax is a genetic disease that afflicts mostly

1627
01:23:35,400 --> 01:23:38,800
Speaker 1: the Jewish community, not anti Semitic or myself as an

1628
01:23:38,800 --> 01:23:41,680
Speaker 1: Indian man. I'm actually much more susceptible to diabetes and

1629
01:23:41,760 --> 01:23:44,559
Speaker 1: to gum disease, both of which I am combating right now.

1630
01:23:44,920 --> 01:23:47,639
Speaker 1: That's just how it is. Telling the truth is always

1631
01:23:47,680 --> 01:23:51,160
Speaker 1: the best strategy given health conditions. Failure to do so

1632
01:23:51,560 --> 01:23:54,559
Speaker 1: can only cost lives. Right now, there have been very

1633
01:23:54,640 --> 01:23:57,920
Speaker 1: limited incidents of household transmission of monkey pocks to children.

1634
01:23:58,200 --> 01:24:00,719
Speaker 1: What's even more scary is that if public health authorities

1635
01:24:00,880 --> 01:24:04,200
Speaker 1: don't tell people the truth, people will not take precautions.

1636
01:24:04,520 --> 01:24:06,559
Speaker 1: We could have had or we could have a full

1637
01:24:06,600 --> 01:24:09,360
Speaker 1: fledged monkey pox outbreak. As we have learned with COVID,

1638
01:24:09,560 --> 01:24:12,000
Speaker 1: it could then mutate with so many other human hosts,

1639
01:24:12,200 --> 01:24:14,599
Speaker 1: and then everyone could put it risk when we could

1640
01:24:14,680 --> 01:24:17,160
Speaker 1: nip it in the bud right now, So, Chris Lanning, look,

1641
01:24:17,160 --> 01:24:19,519
Speaker 1: I get it's uncomfortable for people to talk about. And

1642
01:24:19,680 --> 01:24:22,320
Speaker 1: if you want to hear my reaction to Sager's monologue,

1643
01:24:22,400 --> 01:24:28,280
Speaker 1: become a premium subscriber today at Breakingpoints dot com. Cristal,

1644
01:24:28,360 --> 01:24:30,280
Speaker 1: what are you taking a look at? Well? Guys? After

1645
01:24:30,360 --> 01:24:33,960
Speaker 1: being fired from CNN for shamelessly advising his brother, the

1646
01:24:34,000 --> 01:24:36,519
Speaker 1: governor of New York and lying about it, Chris Cuomo

1647
01:24:36,680 --> 01:24:40,120
Speaker 1: has re emerged. In an interview with News Nation, he

1648
01:24:40,240 --> 01:24:42,840
Speaker 1: professed his high integrity and refused to admit that he

1649
01:24:42,960 --> 01:24:46,200
Speaker 1: did a single thing wrong. He claimed CNN knew exactly

1650
01:24:46,320 --> 01:24:48,760
Speaker 1: the extent of his role advising his powerful brother as

1651
01:24:48,800 --> 01:24:51,360
Speaker 1: he faced multiple scandals that claim actually could be true,

1652
01:24:51,680 --> 01:24:55,879
Speaker 1: and he professed a newfound commitment to independent media, bashing

1653
01:24:55,960 --> 01:25:00,639
Speaker 1: the duopoly and posturing as a rogue truth teller. Okay, folks,

1654
01:25:00,680 --> 01:25:03,000
Speaker 1: there is a lot to unpack here. First of all,

1655
01:25:03,240 --> 01:25:06,519
Speaker 1: let's listen to mister Cuomo. Spin gaslight and deflect on

1656
01:25:06,600 --> 01:25:09,439
Speaker 1: the scandal that led to his firing. Everything I know

1657
01:25:09,520 --> 01:25:12,800
Speaker 1: about this situation tells me that, of course there's a

1658
01:25:12,840 --> 01:25:15,760
Speaker 1: conflict of interest. But people got that. Dam Nobody thought

1659
01:25:15,800 --> 01:25:17,920
Speaker 1: I was interviewing my brother the way I interview other people.

1660
01:25:18,200 --> 01:25:20,200
Speaker 1: That wasn't the point of purpose of those things. And

1661
01:25:20,320 --> 01:25:22,080
Speaker 1: I even said at the time, and people like you

1662
01:25:22,120 --> 01:25:23,720
Speaker 1: don't need to say that. The time will come when

1663
01:25:23,720 --> 01:25:25,479
Speaker 1: he can't come on this show anymore. There will be

1664
01:25:25,520 --> 01:25:28,040
Speaker 1: a time for accountability. There always is in crisis, and

1665
01:25:28,120 --> 01:25:31,120
Speaker 1: I can't cover him about that. People got that. He

1666
01:25:31,200 --> 01:25:33,120
Speaker 1: can characterize it however he wants. He can say, oh,

1667
01:25:33,200 --> 01:25:35,720
Speaker 1: it's just about getting information out there. The bottom line

1668
01:25:35,800 --> 01:25:38,000
Speaker 1: is his brother was the governor of New York. He's

1669
01:25:38,000 --> 01:25:40,760
Speaker 1: a Democrat, he's a politician, and he's coming on a

1670
01:25:41,040 --> 01:25:44,680
Speaker 1: program that's supposed to be doing journalism. And that was

1671
01:25:44,720 --> 01:25:47,439
Speaker 1: the argument. It's a good argument, I think on the

1672
01:25:47,479 --> 01:25:50,160
Speaker 1: written test you get in a but life is a

1673
01:25:50,240 --> 01:25:51,800
Speaker 1: written test. It's a practical test, and you have to

1674
01:25:51,840 --> 01:25:53,920
Speaker 1: take the circumstances as they are. When I said I

1675
01:25:54,000 --> 01:25:56,880
Speaker 1: didn't make press calls, I meant to manipulate the story

1676
01:25:57,280 --> 01:26:00,680
Speaker 1: that would be the overstep. That would be the conflict extremists.

1677
01:26:00,960 --> 01:26:03,160
Speaker 1: That's what I meant. The idea that I never spoke

1678
01:26:03,200 --> 01:26:06,200
Speaker 1: to anybody in the media about my brother, It's an impossibility.

1679
01:26:06,320 --> 01:26:08,040
Speaker 1: Most of my friends are in the media. You know.

1680
01:26:08,200 --> 01:26:10,760
Speaker 1: So you were called, but there were specific conversations. I mean,

1681
01:26:10,880 --> 01:26:12,560
Speaker 1: you know, and I'm reading here. You know Melissa de

1682
01:26:12,640 --> 01:26:14,600
Speaker 1: rosa rumor going around from Politico one to two more

1683
01:26:14,640 --> 01:26:16,720
Speaker 1: people coming out tomorrow. Can you check your sources? You

1684
01:26:16,800 --> 01:26:18,800
Speaker 1: write back on it. No one has heard that yet.

1685
01:26:19,479 --> 01:26:21,120
Speaker 1: And then you say I called a fellow journalist who

1686
01:26:21,120 --> 01:26:22,599
Speaker 1: works with Ronan a lot. I didn't want to contact

1687
01:26:22,640 --> 01:26:24,360
Speaker 1: Ronan directly. I know him, He's been good to me,

1688
01:26:24,439 --> 01:26:25,560
Speaker 1: he's been on my show. But I didn't want to.

1689
01:26:25,560 --> 01:26:26,720
Speaker 1: I didn't want to push up on him like that.

1690
01:26:26,760 --> 01:26:29,120
Speaker 1: It's not right. I mean, you were obviously doing recon

1691
01:26:29,280 --> 01:26:30,679
Speaker 1: to find out what was out there. I'm not saying

1692
01:26:30,680 --> 01:26:32,880
Speaker 1: to influence. I said, look, I'm telling you what my

1693
01:26:32,880 --> 01:26:36,840
Speaker 1: attempt is. The truth is in the language. I could

1694
01:26:36,880 --> 01:26:40,240
Speaker 1: have contacted Ronan, I could have contacted anybody who was

1695
01:26:40,280 --> 01:26:41,719
Speaker 1: working in the media. I got a lot of relationships

1696
01:26:41,760 --> 01:26:43,559
Speaker 1: and I probably could have justified it. But just saying,

1697
01:26:43,560 --> 01:26:44,640
Speaker 1: I just want to make sure that you're straight on

1698
01:26:44,680 --> 01:26:46,519
Speaker 1: the facts. I don't want to influence you. I never

1699
01:26:46,600 --> 01:26:48,960
Speaker 1: did that, and I think it's a distinction with a difference,

1700
01:26:48,960 --> 01:26:51,519
Speaker 1: and it's something that will figure out the litigation. Chasing

1701
01:26:51,600 --> 01:26:54,120
Speaker 1: man leans on the women who were speaking out, repeatedly

1702
01:26:54,320 --> 01:26:57,200
Speaker 1: advising his brother's team, working his sources to find out

1703
01:26:57,280 --> 01:26:59,760
Speaker 1: what was dropping, and when only covering his brother one

1704
01:26:59,760 --> 01:27:03,040
Speaker 1: time are good lying to his audience about pretty much

1705
01:27:03,080 --> 01:27:06,200
Speaker 1: all of it. Cuomo still believes all of this is

1706
01:27:06,360 --> 01:27:10,280
Speaker 1: totally above board and sound journalistically, even as he really

1707
01:27:10,400 --> 01:27:12,960
Speaker 1: can't directly defend it. I mean, it's an amazing moment

1708
01:27:13,000 --> 01:27:15,000
Speaker 1: when he tells his interviewer there and close friend by

1709
01:27:15,000 --> 01:27:17,000
Speaker 1: the way, Dan Abrams that if you are choosing the

1710
01:27:17,120 --> 01:27:20,639
Speaker 1: correct answer on the written exam of journalistic ethics, then yeah,

1711
01:27:20,680 --> 01:27:24,040
Speaker 1: his handling was inappropriate. But that quote life isn't a

1712
01:27:24,120 --> 01:27:28,440
Speaker 1: written test, it's a practical test. This is shamelessly meaningless

1713
01:27:28,600 --> 01:27:31,200
Speaker 1: spin and total bullshit. Look, I can say a lot

1714
01:27:31,280 --> 01:27:33,799
Speaker 1: more about this. He claims the media treated him unfairly

1715
01:27:33,920 --> 01:27:36,760
Speaker 1: somehow applying what he describes as a purity test, when

1716
01:27:36,800 --> 01:27:40,000
Speaker 1: in fact the media looked the other way. And even

1717
01:27:40,120 --> 01:27:42,680
Speaker 1: celebrated a lot of his conduct until his lies and

1718
01:27:42,720 --> 01:27:46,840
Speaker 1: ethical failings just became completely undeniable. But the bottom line

1719
01:27:46,920 --> 01:27:49,280
Speaker 1: of this whole section of the interview is that he

1720
01:27:49,439 --> 01:27:52,240
Speaker 1: thinks he acted impeccably, that it was a perfect phone call,

1721
01:27:52,360 --> 01:27:54,680
Speaker 1: so to speak, and in fact, that if anything, his

1722
01:27:54,920 --> 01:27:57,640
Speaker 1: failing wasn't being too selfless, caring too much about his

1723
01:27:57,800 --> 01:27:59,800
Speaker 1: family and the good of the American people over his

1724
01:28:00,160 --> 01:28:03,080
Speaker 1: own career interests, and that's what led to his downfall.

1725
01:28:03,120 --> 01:28:05,600
Speaker 1: That's what he really thinks, and it's kind of unbelievable.

1726
01:28:05,840 --> 01:28:09,439
Speaker 1: And the truly amazing thing is I actually think he believes.

1727
01:28:09,520 --> 01:28:13,559
Speaker 1: This a stunning feed of self delusion, narcissism, and personal

1728
01:28:13,640 --> 01:28:16,200
Speaker 1: victimhood from the rich scion of one of the most

1729
01:28:16,280 --> 01:28:19,599
Speaker 1: connected families in all of America. Yeah, we feel real

1730
01:28:19,680 --> 01:28:21,879
Speaker 1: bad for you, buddy. But the part of the interview

1731
01:28:21,960 --> 01:28:24,439
Speaker 1: that I find even more amusing is his cope on

1732
01:28:24,600 --> 01:28:27,720
Speaker 1: landing at the well funded but low rated NewsNation. Some

1733
01:28:27,880 --> 01:28:31,240
Speaker 1: context here, so NewsNation is owned by Nexstar. They also

1734
01:28:31,400 --> 01:28:34,280
Speaker 1: actually now own soger Vize, former employer over the Hill.

1735
01:28:34,760 --> 01:28:37,200
Speaker 1: News Nation is an attempt to fill the centrist role

1736
01:28:37,280 --> 01:28:40,400
Speaker 1: CNN used to fill before CNN became resistance lib bait

1737
01:28:40,760 --> 01:28:43,439
Speaker 1: and has collected catalog of cast off news anchors from

1738
01:28:43,520 --> 01:28:46,040
Speaker 1: the big three cable networks. Guoma will be joining his

1739
01:28:46,120 --> 01:28:49,799
Speaker 1: former CNN colleague Ashley Banfield, former Fox News host Leland Vidderck,

1740
01:28:49,920 --> 01:28:53,040
Speaker 1: former ABC News host Adrian Bankert, and so far this

1741
01:28:53,160 --> 01:28:55,839
Speaker 1: mentor has gone exactly as well as you would expect

1742
01:28:56,040 --> 01:28:59,599
Speaker 1: obscurity and very low ratings. The Daily Beast reports NewsNation

1743
01:28:59,680 --> 01:29:03,360
Speaker 1: typically generates about ten thousand viewers in the key demo

1744
01:29:03,600 --> 01:29:06,040
Speaker 1: He'd be better off on CNN. Plus, look at their

1745
01:29:06,080 --> 01:29:08,360
Speaker 1: YouTube channel shows you just how much demand there is

1746
01:29:08,439 --> 01:29:11,599
Speaker 1: for their brand of bloodless, elite friendly content. Their big

1747
01:29:11,760 --> 01:29:14,719
Speaker 1: bombshell interview here with their new huge get Chris Cuomo

1748
01:29:14,800 --> 01:29:18,400
Speaker 1: has so far generated about six thousand views on YouTube.

1749
01:29:18,600 --> 01:29:21,280
Speaker 1: That's admittedly better than most of their content, which Nasha's

1750
01:29:21,320 --> 01:29:24,560
Speaker 1: views in the hundreds rather than the thousands. Some of

1751
01:29:24,640 --> 01:29:28,759
Speaker 1: their videos do not even crack one hundred views. Meanwhile,

1752
01:29:28,920 --> 01:29:31,719
Speaker 1: they have apparently shelled out massive cash for a fancy

1753
01:29:31,760 --> 01:29:35,920
Speaker 1: studio and mediocre but expensive talent. This channel will last

1754
01:29:35,960 --> 01:29:38,160
Speaker 1: as long as its funders are willing to lose millions,

1755
01:29:38,200 --> 01:29:41,200
Speaker 1: and no longer. So Cuomo professes to be thrilled at

1756
01:29:41,200 --> 01:29:43,639
Speaker 1: the chance to quote to build something special at news Nation,

1757
01:29:44,040 --> 01:29:46,639
Speaker 1: claiming he is done with the big game of media.

1758
01:29:46,840 --> 01:29:49,920
Speaker 1: Let's take a listen. I want to help. I want

1759
01:29:49,920 --> 01:29:51,960
Speaker 1: to find a way to help people. I'm going to

1760
01:29:52,040 --> 01:29:54,400
Speaker 1: come to news Nation and I want to build something

1761
01:29:54,439 --> 01:29:57,960
Speaker 1: special here. Work with Dan, work with the team here.

1762
01:29:58,200 --> 01:30:00,880
Speaker 1: They've got great people. We're really hungry to make a

1763
01:30:00,920 --> 01:30:03,920
Speaker 1: difference in ways that I think matter. I had decided

1764
01:30:03,960 --> 01:30:06,080
Speaker 1: that I can't go back to what people see as

1765
01:30:06,080 --> 01:30:07,920
Speaker 1: the big gang. I don't think I can make a

1766
01:30:07,960 --> 01:30:10,519
Speaker 1: difference there. I think we need insurgent media. I think

1767
01:30:10,560 --> 01:30:12,519
Speaker 1: we need outlets that aren't fringe and just trying to

1768
01:30:12,560 --> 01:30:15,080
Speaker 1: fill their pockets. Don't listen to anybody else, only listen

1769
01:30:15,120 --> 01:30:17,680
Speaker 1: to me. Don't trust that when you hear it. I'm

1770
01:30:17,720 --> 01:30:19,200
Speaker 1: going to do the job. I'm going to go where

1771
01:30:19,240 --> 01:30:21,000
Speaker 1: the news is and I'm going to try very hard

1772
01:30:21,040 --> 01:30:22,880
Speaker 1: to be fair and I want to do it here.

1773
01:30:23,400 --> 01:30:25,280
Speaker 1: I want to make a difference and I'm really hoping

1774
01:30:25,320 --> 01:30:27,680
Speaker 1: that it makes a difference for you. And I thank

1775
01:30:27,800 --> 01:30:30,599
Speaker 1: news Nation very much for the opportunity. He just wants

1776
01:30:30,640 --> 01:30:33,599
Speaker 1: to help guys. Now, It's hilarious to imagine Chris Cuomo

1777
01:30:33,680 --> 01:30:37,320
Speaker 1: could ever be truly independent. His entire existence is shaped

1778
01:30:37,360 --> 01:30:39,800
Speaker 1: by being a Cuomo and serving the power interests of

1779
01:30:39,920 --> 01:30:42,360
Speaker 1: his family. That's who he is. His brother might not

1780
01:30:42,520 --> 01:30:44,840
Speaker 1: be governor right at the moment, but he is already

1781
01:30:44,880 --> 01:30:47,960
Speaker 1: planning his political comeback as well. The Cuomos are one

1782
01:30:48,040 --> 01:30:50,800
Speaker 1: of the most elite connected families in all of New

1783
01:30:50,880 --> 01:30:53,000
Speaker 1: York and really the country. Do you really think he's

1784
01:30:53,040 --> 01:30:55,280
Speaker 1: going to buck the system, which is the only reason

1785
01:30:55,360 --> 01:30:57,400
Speaker 1: he ever ended up with any relevance and status to

1786
01:30:57,439 --> 01:31:00,200
Speaker 1: start with, of course not. After all, none of us

1787
01:31:00,240 --> 01:31:02,599
Speaker 1: would ever have heard of Chris Cuomo if his last

1788
01:31:02,680 --> 01:31:06,040
Speaker 1: name was not Cuomo. He likely knows he can't hack

1789
01:31:06,120 --> 01:31:08,479
Speaker 1: it independent. He launched a podcast of his own recently,

1790
01:31:08,560 --> 01:31:10,320
Speaker 1: so he knows exactly how well all of that is

1791
01:31:10,360 --> 01:31:12,680
Speaker 1: going for him. And he's obviously been tossed from the

1792
01:31:12,720 --> 01:31:16,160
Speaker 1: heights of cable news. So a doomed but money adventure

1793
01:31:16,400 --> 01:31:19,280
Speaker 1: like News Nation really is only option here. And while

1794
01:31:19,280 --> 01:31:21,280
Speaker 1: he wants to put a triumphant spin on it, his

1795
01:31:21,400 --> 01:31:23,400
Speaker 1: comments earlier in the interview give away the fact that

1796
01:31:23,479 --> 01:31:25,920
Speaker 1: he is still a man of by and for the

1797
01:31:26,000 --> 01:31:28,640
Speaker 1: mainstream press. Transparent is different than honest. I am not

1798
01:31:29,000 --> 01:31:33,599
Speaker 1: indicting the media that is done gratuitously and for personal gain.

1799
01:31:34,120 --> 01:31:36,679
Speaker 1: It's the fringes I worry about, not the mainstream media.

1800
01:31:37,080 --> 01:31:39,280
Speaker 1: We have the best media I've ever been around in

1801
01:31:39,360 --> 01:31:41,880
Speaker 1: the world, the resources, the men and women, the resolve.

1802
01:31:42,200 --> 01:31:46,639
Speaker 1: They are honest. Now is everybody honest? No, any place

1803
01:31:46,680 --> 01:31:48,639
Speaker 1: you find a system, you're going to find a range

1804
01:31:49,120 --> 01:31:53,840
Speaker 1: of personal accountability and aptitude in whatever the business is.

1805
01:31:54,280 --> 01:31:56,559
Speaker 1: So that's not a fair basis. Our media is good,

1806
01:31:57,040 --> 01:31:59,960
Speaker 1: it is strong. There are problems. The problems are getting worse,

1807
01:32:00,479 --> 01:32:02,679
Speaker 1: but that Hobo doesn't trust it. But look, the public

1808
01:32:02,720 --> 01:32:06,560
Speaker 1: doesn't trust anything, and that has often been true in

1809
01:32:06,640 --> 01:32:09,800
Speaker 1: this country. It is more true now. But I think

1810
01:32:09,800 --> 01:32:12,840
Speaker 1: you have to look at it holistically. Everybody has to

1811
01:32:12,920 --> 01:32:15,040
Speaker 1: want to have some responsibility if you're going to point

1812
01:32:15,280 --> 01:32:18,160
Speaker 1: at anybody else. And I do not blame the media

1813
01:32:18,520 --> 01:32:21,920
Speaker 1: for where we are today. So even after they turfed

1814
01:32:22,000 --> 01:32:24,760
Speaker 1: him and broke his heart, he scarcely has a word

1815
01:32:24,800 --> 01:32:26,960
Speaker 1: of criticism for the media. And to show you just

1816
01:32:27,080 --> 01:32:29,320
Speaker 1: how much he's broken with his previous ways at CNN,

1817
01:32:29,680 --> 01:32:32,519
Speaker 1: his very first podcast offered a completely conventional and DC

1818
01:32:32,560 --> 01:32:35,280
Speaker 1: elite approve view of the Ukraine War, including an interview

1819
01:32:35,320 --> 01:32:38,120
Speaker 1: with Sean Penn. None of these people, not Cuomo, not

1820
01:32:38,240 --> 01:32:40,920
Speaker 1: the now canceled Sam b or Keith Olverman who's launching

1821
01:32:40,960 --> 01:32:43,400
Speaker 1: a new podcast, or the many low rated so called

1822
01:32:43,479 --> 01:32:45,880
Speaker 1: stars of cable news, can understand why no one trusts them.

1823
01:32:46,000 --> 01:32:49,080
Speaker 1: Why outside of the rigged cable news ecosystem they cannot

1824
01:32:49,120 --> 01:32:52,599
Speaker 1: get any traction. Why even within that ecosystem, their ratings

1825
01:32:52,680 --> 01:32:55,280
Speaker 1: just continue to lip lower and lower and lower. It's

1826
01:32:55,360 --> 01:32:58,680
Speaker 1: really pretty simple. They're boring. Everything they say has been

1827
01:32:58,760 --> 01:33:01,559
Speaker 1: forged and vetted by a lead consensus designed to hide

1828
01:33:01,640 --> 01:33:04,839
Speaker 1: certain key truths. And there's one thousand other, well connected,

1829
01:33:04,920 --> 01:33:07,519
Speaker 1: mediocre climbers who can be plugged into that slot to

1830
01:33:07,560 --> 01:33:11,559
Speaker 1: say exactly the same thing. Throughout this interview, Cuomo keeps

1831
01:33:11,560 --> 01:33:13,160
Speaker 1: talking about how he wants to be back on the

1832
01:33:13,200 --> 01:33:15,880
Speaker 1: air so he can help out. It's hilarious to think

1833
01:33:15,920 --> 01:33:19,000
Speaker 1: that anyone missed anything, or the country suffered in even

1834
01:33:19,080 --> 01:33:23,680
Speaker 1: the tiniest, most inconsequential way by his absence from the airwaves.

1835
01:33:23,920 --> 01:33:26,680
Speaker 1: A complete delusion of grandeur that he probably, in his

1836
01:33:26,760 --> 01:33:29,760
Speaker 1: heart of hearts, doesn't even really believe. The cancelation of

1837
01:33:29,800 --> 01:33:32,000
Speaker 1: a show was as profound a wound to the nation

1838
01:33:32,200 --> 01:33:34,920
Speaker 1: as the instant collapse of CNN Plus. And seeing as

1839
01:33:34,960 --> 01:33:38,120
Speaker 1: how he's clearly learned absolutely nothing and changed not even

1840
01:33:38,200 --> 01:33:42,160
Speaker 1: a smidge, his return will be just as insignificant. There

1841
01:33:42,280 --> 01:33:44,400
Speaker 1: was a lot in this interview and it was kind

1842
01:33:44,439 --> 01:33:47,000
Speaker 1: of and if you want to hear my reaction to

1843
01:33:47,200 --> 01:33:51,040
Speaker 1: Crystal's monologue, become a premium subscriber today at breakingpoints dot com.

1844
01:33:53,520 --> 01:33:56,360
Speaker 1: Breaking Points partner, a founder of Status to Jordan Sheridan,

1845
01:33:56,560 --> 01:33:58,720
Speaker 1: is just back from a lengthy road trip where he

1846
01:33:58,840 --> 01:34:02,760
Speaker 1: did what's so few reporters actually do and went to

1847
01:34:02,840 --> 01:34:04,840
Speaker 1: talk to the American people about what is going on

1848
01:34:05,120 --> 01:34:08,920
Speaker 1: in their lives and came back with some completely astonishing material.

1849
01:34:09,000 --> 01:34:10,960
Speaker 1: Jordan's great to see you. Good to see you, hey,

1850
01:34:11,040 --> 01:34:13,400
Speaker 1: Thanks for having me there. There were a lot of

1851
01:34:13,439 --> 01:34:16,080
Speaker 1: stories that you focused on a lot of pain. You

1852
01:34:16,160 --> 01:34:18,120
Speaker 1: talked to a lot of people were struggling with their housing.

1853
01:34:18,200 --> 01:34:19,840
Speaker 1: But you also talked to a lot of folks who

1854
01:34:20,000 --> 01:34:22,960
Speaker 1: were dealing with, you know, major price increases with inflation

1855
01:34:23,080 --> 01:34:25,320
Speaker 1: that was making life very difficult for them. Let's take

1856
01:34:25,320 --> 01:34:27,080
Speaker 1: a listen to a little bit of what you heard

1857
01:34:27,120 --> 01:34:30,280
Speaker 1: on this trip. The pandemic that was crushing, and then

1858
01:34:30,320 --> 01:34:33,120
Speaker 1: on top of that you have inflation. I'm sure your

1859
01:34:33,200 --> 01:34:36,640
Speaker 1: costs are through the roof. The inflation is one thing.

1860
01:34:36,760 --> 01:34:40,880
Speaker 1: The other thing, too, is the productivity of things that

1861
01:34:40,960 --> 01:34:45,160
Speaker 1: were available. There's a lot of things that we relied

1862
01:34:45,280 --> 01:34:49,320
Speaker 1: on and we weren't able to get them. So some

1863
01:34:49,479 --> 01:34:53,400
Speaker 1: of these big companies who were having problems getting their

1864
01:34:53,479 --> 01:34:59,120
Speaker 1: products delivered to their main companies and then distributing they

1865
01:34:59,160 --> 01:35:02,240
Speaker 1: were going to you purchase from the big box stores

1866
01:35:02,280 --> 01:35:06,040
Speaker 1: were purchase it first and then everybody else was coming second.

1867
01:35:07,080 --> 01:35:11,920
Speaker 1: So it was more of a domino effect. The top

1868
01:35:12,040 --> 01:35:16,400
Speaker 1: guy always gets everything and everybody else gets what's left over.

1869
01:35:16,840 --> 01:35:20,360
Speaker 1: Did the increase in overhead in terms of, you know,

1870
01:35:20,880 --> 01:35:23,720
Speaker 1: products you had to get, did that contribute to having

1871
01:35:23,760 --> 01:35:26,160
Speaker 1: to closure? Contributed it to it. The other thing to

1872
01:35:26,240 --> 01:35:32,439
Speaker 1: contributed to it was the shortage of the products themselves.

1873
01:35:33,160 --> 01:35:36,559
Speaker 1: Trust me, there's a lot of there's still today right now.

1874
01:35:37,320 --> 01:35:40,280
Speaker 1: I can't get certain products that we sold lots of.

1875
01:35:41,040 --> 01:35:46,120
Speaker 1: So what happens is it hurts me and those people

1876
01:35:46,240 --> 01:35:49,040
Speaker 1: can't purchase that product, so they're going to have to

1877
01:35:49,080 --> 01:35:51,439
Speaker 1: go somewhere else. So they say, oh, well, I can't

1878
01:35:51,560 --> 01:35:54,680
Speaker 1: get this product here, So I may as well go

1879
01:35:55,040 --> 01:35:58,320
Speaker 1: to the big box store and do not even bother

1880
01:35:58,479 --> 01:36:02,240
Speaker 1: coming in here. A lot of people that do that. Yeah,

1881
01:36:03,200 --> 01:36:07,320
Speaker 1: And I can understand if you're coming twenty minutes away

1882
01:36:07,840 --> 01:36:10,320
Speaker 1: to come here to get a certain product and I

1883
01:36:10,400 --> 01:36:14,320
Speaker 1: don't have it, it's upsetting. Plus the cost of fuel

1884
01:36:14,400 --> 01:36:17,200
Speaker 1: and everything else. So it's the business that's closing down.

1885
01:36:17,280 --> 01:36:19,840
Speaker 1: You mean stops in Pennsylvania, Ohio, and West Virginia. Just

1886
01:36:19,880 --> 01:36:22,080
Speaker 1: tell us a little bit more, Jordan, about the people

1887
01:36:22,120 --> 01:36:27,599
Speaker 1: that you met. Yeah, I mean, borrowing from your technical

1888
01:36:27,720 --> 01:36:31,800
Speaker 1: recession discussion, most people have been in a recession for

1889
01:36:31,840 --> 01:36:33,560
Speaker 1: at least a year or two. That I spoke with

1890
01:36:34,080 --> 01:36:38,719
Speaker 1: that gentleman, third generation Italian food market open for ninety

1891
01:36:38,840 --> 01:36:44,400
Speaker 1: years now is closing down in Pittsburgh. One illuminating part

1892
01:36:44,640 --> 01:36:47,280
Speaker 1: was he actually said, yeah, I mean the last year,

1893
01:36:47,320 --> 01:36:50,879
Speaker 1: I've been working half days twelve hours, that's his definition

1894
01:36:51,200 --> 01:36:54,519
Speaker 1: of a half day. But from the supply chain shortage

1895
01:36:54,560 --> 01:36:58,280
Speaker 1: she was talking about, I spoke with, you know, parents

1896
01:36:58,400 --> 01:37:01,840
Speaker 1: who are just looking around their home for change to

1897
01:37:01,960 --> 01:37:06,559
Speaker 1: fill the gas tank. Other folks that you know are

1898
01:37:06,680 --> 01:37:09,880
Speaker 1: rationing medicine now for their mental health, are trying to

1899
01:37:09,920 --> 01:37:12,880
Speaker 1: wean themselves off. They could afford the medication, they can't

1900
01:37:12,920 --> 01:37:16,000
Speaker 1: afford the doctor who has to refill it, going to

1901
01:37:16,080 --> 01:37:17,800
Speaker 1: the doctor a couple times a year to get certain

1902
01:37:17,840 --> 01:37:22,800
Speaker 1: medications refilled. I mean, I've spoken with parents who you know,

1903
01:37:23,280 --> 01:37:25,360
Speaker 1: had to take their kids out of sports, you know,

1904
01:37:25,479 --> 01:37:28,640
Speaker 1: little league. You know, kind of doesn't sound like a

1905
01:37:28,760 --> 01:37:34,040
Speaker 1: huge hardship, but obviously that affects children. Spoke with younger people,

1906
01:37:34,800 --> 01:37:37,360
Speaker 1: you know, in their twenties who the thought of even

1907
01:37:37,400 --> 01:37:40,080
Speaker 1: having children as an no go at this point because

1908
01:37:40,120 --> 01:37:42,599
Speaker 1: of course on top of that climate change. We were

1909
01:37:42,680 --> 01:37:45,640
Speaker 1: on the road during this heat wave. So I mean

1910
01:37:45,960 --> 01:37:49,400
Speaker 1: stories you know, across the gamut, and definitely housing too.

1911
01:37:50,080 --> 01:37:53,880
Speaker 1: You know, there is definitely an increase in terms of homelessness.

1912
01:37:53,920 --> 01:37:56,960
Speaker 1: There's definitely an increase in terms of people who are

1913
01:37:57,040 --> 01:38:00,560
Speaker 1: now being pushed out of their communities due to gentrification.

1914
01:38:00,880 --> 01:38:05,200
Speaker 1: And normally okay, they look outside the city to try

1915
01:38:05,240 --> 01:38:08,519
Speaker 1: to find another place, but costs her up everywhere, even

1916
01:38:08,560 --> 01:38:11,000
Speaker 1: in rural America. Yeah, that's what I want to get

1917
01:38:11,000 --> 01:38:13,240
Speaker 1: to young people. You were talking about that not just

1918
01:38:13,280 --> 01:38:16,519
Speaker 1: with kids, but like cost of life, early life, What

1919
01:38:16,600 --> 01:38:19,040
Speaker 1: does it mean for people who are young whenever things

1920
01:38:19,080 --> 01:38:21,880
Speaker 1: are very expensive in terms of inhibiting their opportunities in

1921
01:38:21,920 --> 01:38:25,680
Speaker 1: the future. Yeah, I mean some of the people I

1922
01:38:25,760 --> 01:38:29,519
Speaker 1: spoke with just said, honestly, right now, it's just trying

1923
01:38:29,560 --> 01:38:33,439
Speaker 1: to survive. They kind of cut out any hobbies they had.

1924
01:38:34,240 --> 01:38:36,320
Speaker 1: One woman said, I feel alone. I feel like I

1925
01:38:36,360 --> 01:38:41,080
Speaker 1: don't even have a president, which is pretty illuminating. You know,

1926
01:38:41,240 --> 01:38:45,080
Speaker 1: they are essentially doing a lot more free things, which

1927
01:38:45,760 --> 01:38:48,439
Speaker 1: some folks I talked to said, we're driving longer distance

1928
01:38:48,560 --> 01:38:51,559
Speaker 1: for like parks and you know, free things. But then

1929
01:38:51,640 --> 01:38:53,720
Speaker 1: the problem is the guests. So it's like you're trying

1930
01:38:53,760 --> 01:38:56,560
Speaker 1: to do more free things outdoors, but how do you

1931
01:38:56,600 --> 01:38:59,880
Speaker 1: afford the guess I actually asked one woman, this was

1932
01:39:00,080 --> 01:39:05,040
Speaker 1: really striking, you know what happens. You know, obviously politicians

1933
01:39:05,080 --> 01:39:08,280
Speaker 1: aren't doing much about this. Should there be more protests?

1934
01:39:08,320 --> 01:39:10,960
Speaker 1: And she said, I can't fill up my car to

1935
01:39:11,040 --> 01:39:15,120
Speaker 1: go to the protest. So it's really illuminating. You know.

1936
01:39:15,200 --> 01:39:18,360
Speaker 1: You see the corporate media coverage. You know, when I

1937
01:39:18,400 --> 01:39:19,960
Speaker 1: went back to the hotel every day, it was like

1938
01:39:20,040 --> 01:39:23,160
Speaker 1: either a pregame show on CNN for the January sixth

1939
01:39:23,200 --> 01:39:26,960
Speaker 1: hearing or a postgame show of the January sixth hearing,

1940
01:39:27,040 --> 01:39:29,880
Speaker 1: but very little like in depth talking to the people

1941
01:39:30,479 --> 01:39:33,960
Speaker 1: and people between the gas, the food, electricity. I was

1942
01:39:34,000 --> 01:39:38,840
Speaker 1: in West Virginia where President Mansion, through some of his shenanigans,

1943
01:39:39,200 --> 01:39:43,200
Speaker 1: directly hiked rates of electricity for his constituents through his

1944
01:39:43,280 --> 01:39:46,599
Speaker 1: coal plant. People are getting it all across the board,

1945
01:39:46,640 --> 01:39:50,240
Speaker 1: and it's said, I mean between that food market that's

1946
01:39:50,280 --> 01:39:53,960
Speaker 1: closing down. I spoke with another bar owner in Philadelphia

1947
01:39:54,040 --> 01:39:58,040
Speaker 1: who crushed by the pandemic. Then the city dropped construction

1948
01:39:58,240 --> 01:40:01,400
Speaker 1: right on his corner, which is affecting business inflation. He

1949
01:40:01,560 --> 01:40:03,240
Speaker 1: just put his house on the market because that's the

1950
01:40:03,320 --> 01:40:07,320
Speaker 1: only way he could keep the business open. Jeez, wow, Jordan,

1951
01:40:07,400 --> 01:40:09,880
Speaker 1: elaborate a little bit more on what they are telling

1952
01:40:09,920 --> 01:40:12,800
Speaker 1: you about how they feel about the politicians, about the

1953
01:40:12,840 --> 01:40:16,840
Speaker 1: Biden administration, about you know, what sorts of things, what

1954
01:40:16,960 --> 01:40:20,040
Speaker 1: sorts of action they feel like Washington could take and

1955
01:40:20,160 --> 01:40:25,040
Speaker 1: isn't taking. Yeah, I've always found that talking to real people,

1956
01:40:25,080 --> 01:40:27,519
Speaker 1: they're a lot smarter than the pundits. Most of them

1957
01:40:27,840 --> 01:40:30,040
Speaker 1: know that a certain element of this is price gouging.

1958
01:40:30,640 --> 01:40:32,840
Speaker 1: Got that a lot from folks who said, you know,

1959
01:40:32,920 --> 01:40:35,040
Speaker 1: these gas prices do not need to be this high.

1960
01:40:35,880 --> 01:40:39,080
Speaker 1: Several of them wanted Biden to take more aggressive actions,

1961
01:40:39,240 --> 01:40:43,679
Speaker 1: including pulling the federal subsidies we give the fossil fuel companies,

1962
01:40:43,680 --> 01:40:47,800
Speaker 1: which is about fifteen million a year. Several of them said,

1963
01:40:48,360 --> 01:40:51,920
Speaker 1: you know, Republicans, they don't have these excuses why they

1964
01:40:51,960 --> 01:40:54,639
Speaker 1: can't do things. They just act and worry about it later.

1965
01:40:55,080 --> 01:40:57,800
Speaker 1: Where the Democrats, you know? Several of them mentioned the

1966
01:40:57,840 --> 01:41:03,080
Speaker 1: parliamentarian to be you know wow, and one of them said,

1967
01:41:04,160 --> 01:41:06,760
Speaker 1: one young person said, I don't know. All I heard

1968
01:41:06,840 --> 01:41:09,200
Speaker 1: during the primary was Biden was the only one who

1969
01:41:09,240 --> 01:41:13,560
Speaker 1: could bridge the divide within the Democratic Party work with Republicans.

1970
01:41:13,880 --> 01:41:18,320
Speaker 1: But in practice he's basically said he can't do anything.

1971
01:41:19,040 --> 01:41:22,559
Speaker 1: So most people I spoke with felt that essentially, whether

1972
01:41:22,600 --> 01:41:26,880
Speaker 1: it's Democrats Republicans, it's all one big kind of corporate cabal.

1973
01:41:27,880 --> 01:41:30,160
Speaker 1: A lot of them on the local level have had

1974
01:41:30,240 --> 01:41:34,639
Speaker 1: experiences with their local politicians doing nothing other than taking

1975
01:41:34,720 --> 01:41:38,000
Speaker 1: money from real estate developers who are then gentrifying their neighborhoods.

1976
01:41:38,320 --> 01:41:43,400
Speaker 1: So most of them are not happy with the Democratic parties.

1977
01:41:43,439 --> 01:41:47,360
Speaker 1: Certainly obviously see threats for the Republican Party, but several

1978
01:41:47,439 --> 01:41:48,880
Speaker 1: of them even told me they don't even if they're

1979
01:41:48,880 --> 01:41:50,800
Speaker 1: going to vote in the midterms. Wow, yeah, I think

1980
01:41:50,840 --> 01:41:53,360
Speaker 1: that's the real fear. Well, I mean, the work you're

1981
01:41:53,400 --> 01:41:56,439
Speaker 1: doing is absolutely essential. Guys, go if you can and

1982
01:41:56,479 --> 01:41:59,719
Speaker 1: support Status kup because they are on the ground, Jordan

1983
01:41:59,840 --> 01:42:02,519
Speaker 1: is they're talking to real people actually, you know, not

1984
01:42:02,640 --> 01:42:04,680
Speaker 1: trying to guesslight them about whether they're not there in

1985
01:42:04,720 --> 01:42:07,800
Speaker 1: a recession. They know exactly what they're feeling their real lives.

1986
01:42:07,880 --> 01:42:10,080
Speaker 1: It's the type of work that mainstream media and they'll

1987
01:42:10,120 --> 01:42:11,680
Speaker 1: have all the resources in the world to do it.

1988
01:42:12,280 --> 01:42:15,679
Speaker 1: Very rarely actually do go and engage with these sorts

1989
01:42:15,680 --> 01:42:17,720
Speaker 1: of folks. And you know, in this segment we really

1990
01:42:17,800 --> 01:42:20,160
Speaker 1: just scratch the surface of the type of content that

1991
01:42:20,240 --> 01:42:22,040
Speaker 1: you got from this trip. I recommend people go and

1992
01:42:22,120 --> 01:42:25,839
Speaker 1: check everything out, including apartment complex in Huntington, West Virginia,

1993
01:42:25,960 --> 01:42:29,880
Speaker 1: black mold and the landlord is a horrific situation. So

1994
01:42:30,720 --> 01:42:32,840
Speaker 1: everybody goes support Status COO if you can and watch

1995
01:42:32,880 --> 01:42:34,720
Speaker 1: those videos. Jordan is always great to see you. Thanks,

1996
01:42:34,720 --> 01:42:38,920
Speaker 1: thank you, Jordan. Appreciate it man, Thanks absolutely pleasure. Thank

1997
01:42:38,920 --> 01:42:40,720
Speaker 1: you guys so much for watching. Really appreciate it. Was

1998
01:42:40,720 --> 01:42:42,200
Speaker 1: a fun show. We got to do a lot of

1999
01:42:42,240 --> 01:42:44,120
Speaker 1: policy in the show. Almost never get to do that

2000
01:42:44,720 --> 01:42:46,720
Speaker 1: Washington actually doing something. We get to actually put some

2001
01:42:46,800 --> 01:42:49,000
Speaker 1: of our expertise to the test. It's a lot of fun.

2002
01:42:49,080 --> 01:42:51,080
Speaker 1: You get to study up and tell everybody. So that's

2003
01:42:51,120 --> 01:42:52,840
Speaker 1: why we love doing it. Thank you to everybody who's

2004
01:42:52,840 --> 01:42:55,320
Speaker 1: bought tickets to the live show are upgraded premium. It

2005
01:42:55,400 --> 01:42:57,960
Speaker 1: helps us pay people like Jordan to support the work

2006
01:42:58,000 --> 01:42:59,880
Speaker 1: that he's doing, so it means a lot for all

2007
01:43:00,040 --> 01:43:02,320
Speaker 1: of you who are helping us very much, and have

2008
01:43:02,400 --> 01:43:04,200
Speaker 1: great content for you all over the weekend, and we'll

2009
01:43:04,200 --> 01:43:05,800
Speaker 1: see you back on Monday. See y'll soon.